The 17th Hong Kong International Wine & Spirits Fair Opens Today

Kweichow Moutai's sales will likely continue to be under pressure in 4Q amid tepid demand, CGS International analysts say in a research note. Most baijiu sellers, including Moutai, will likely strictly control shipments to reduce inventory and maintain price stability, the analysts say. Moutai's 4Q sales and net profit will likely be flat as 4Q is usually a low season for baijiu sales and the first-tier wholesale price of Moutai-brand baijiu has fallen from the previous quarter, they note. CGS International maintains its add call on Moutai, citing the company's capacity to adjust its channel and product mix to overcome industry downturns given its supreme market position in China. However, the brokerage lowers its target price to CNY1,526 from CNY1,533. Shares last ended at CNY1,420.08. (sherry.qin@wsj.com)

Revenue and net profit for the first nine months grew over 6% year-over-year, with Q3 showing modest single-digit gains. Operating cash flow declined, but digital and direct sales channels expanded, and the controlling shareholder increased its stake.

Original document: Kweichow Moutai Co., Ltd. Class A [600519] Interim report — Oct. 30 2025

HONG KONG, Oct 21, 2025 - (ACN Newswire) - - Over 620 exhibitors from 21 countries and regions will showcase alcoholic, low-alcohol and non-alcoholic beverages including beer, brandy, Chinese baijiu, Japanese sake, whisky, wine, and vodka,

- Inaugural 'World of Spirits' zone features spirits from 13 countries and regions, helping international brands go global and tap into new markets, leveraging the opportunities brought by the reduction in liquor duty

- Homegrown brands are on the rise, and the Wine and Spirits Fair offers a platform for Hong Kong brands to showcase their creativity and strength while exploring and seizing international market expansion opportunities

- The Wine and Spirits Fair continues to host blind tasting sessions led by three experts, who will select a list of their favourite wines and spirits

The 17th edition of the Hong Kong International Wine & Spirits Fair (the Wine & Spirits Fair), organised by the Hong Kong Trade Development Council (HKTDC), will be held on 6-8 November at the Hong Kong Convention and Exhibition Centre. The event will showcase beer, sake, spirits, wines, low- and non- alcoholic beverages to industry professionals and buyers. This year, 620 exhibitors from 21 countries and regions will participate, with a significant increase in Chinese baijiu exhibitors. The rise of homegrown brands, combined with fine wines from around the world, highlights Hong Kong's role as a hub for the wine and spirits trade and meets the market's demand for diverse alcoholic beverages.

With a growing market demand for spirits and the HKSAR Chief Executive's announcement in last year's Policy Address regarding the reduction in liquor duty, Hong Kong continues to strengthen its role as an international trade platform, helping spirits brands go global.

Jenny Koo, Deputy Executive Director of HKTDC, said: 'The reduction of duty on high end liquor had a positive impact on the industry and encouraged diversified development in the spirits market. At this year's Wine & Spirits Fair, there is a new World of Spirits zone where buyers and visitors can explore the rich variety of flavours of spirits from around the world. Some 20 activities will further promote the diverse development of the spirits market.'

Strong exhibitor line-up with global selections

Exhibitors represent Hong Kong and various provinces and cities on the Chinese Mainland, including Fujian, Guizhou, Hubei, Sichuan, Jiangsu, Xinjiang, and Zhejiang (Zhuji) as well as Taiwan. International exhibitors include those from Argentina, Australia, Belarus, Brazil, Chile, Czechia, France, Germany, India, Ireland, Israel, Italy, Japan, Portugal, Russia, South Korea, Spain and the United States.

The inaugural 'World of Spirits' zone features spirits from 13 countries and regions, including Chinese baijiu, brandy, gin, rum, tequila, vodka and whisky. Chinese baijiu is a highlight, with six of the 'Top 10 Chinese Baijiu Brands' participating, including Kweichow Moutai, Jiangsu Yanghe, and Wuliangye, Luzhou Laojiao, Jiannanchun, Langjiu from Sichuan.

Kweichow Moutai will showcase its iconic 'Flying Fairy' Moutai and the award-winning 'Golden Prince' Moutai Prince, which was recognised as a "2024 Annual Golden Case' in Activity Marketing. Luzhou Laojiao, the brand inscribed in the First National Intangible Cultural Heritage List of China, will present a Luzhou Laojiao Antique Edition and Guojiao 1573, and launch a new baijiu on the first day of the Wine & Spirits Fair. Wuliangye and Yanghe demonstrate the trend of integrating innovative technologies into the baijiu industry, aiming for younger and more diverse markets, injecting new energy into the sector.

Hong Kong Actor Timmy Hung's brand Hongjiaban Maotai blends traditional brewing techniques with Hong Kong-style flavours and action movie culture, while strictly following Maotai's ancient brewing methods.

Austria's Martin & Ann Arndorfer Anina Verde, a top-tier Austrian natural wine will be featured in the Wine and Spirits Fair. Italy's Don Carlo features a unique brewing process that takes over three years, offering a balanced structure and rich layers.

Hyakusyun Junmai Daiginjo from Japan uses locally grown 'Mino Nishiki' sake rice cultivated through natural farming methods and is unfiltered, preserving its original flavour, aroma, richness, and natural effervescence.

With rising demand for low-alcohol beverages, Punch Club O', an Estonian craft cocktail brand, specialises in organic, low-sugar, ready-to-drink cocktails for health-conscious consumers.

The Wine & Spirits Fair also features the 'Friends of Wine' zone, which showcases gourmet foods designed to complement alcoholic beverages.

Spirits-related activities help the industry seize new opportunities

To help the spirits industry seize new opportunities in the market, nearly half of this year's activities are spirits-related, including the 2025 China Baijiu Culture International Promotion Asia Forum, co-hosted by the China Alcoholic Drinks Association and the HKTDC on 6 November. 2025 Hong Kong International Spirits Challenge Awards Ceremony on 7 November, organised by the Hong Kong General Chamber of Wine & Spirits, will honour outstanding Chinese baijiu brands. Tomy Fong, Experienced Chinese Baijiu Connoisseur, will present 'Baijiu ' The Rising Trend' on the same day to explore the current trends of Chinese Baijiu. Baijiu 101 Class on the last day of the Wine & Spirits Fair, organised by VTC, will also allow the public to experience baijiu culture and tasting methods, and learn about its 12 aroma types.

Three Masters of Wine will host several major events: Debra Meiburg will lead the Cathay Global Wine & Spirits Awards Asia Presentation Ceremony, Wine Industry Conference: AI in Wine Business, and Austrian Wine and Local Sauce Pairing Workshop. Jennifer Docherty will share insights in a seminar titled Off the beaten path, gems from unsung regions. Xing Wei will host Tasting Chinese Terroir Wines, and join Carlito Chiu, an award-winning sommelier, along with Calvin Choi, a certified sommelier, in the blind tasting event. They will select their favourite wines and spirits as reference for industry buyers, to be announced on the first of the Fair.

Other competitions and food pairing events including HK Best Spirits Awards 2025, Hong Kong International Mixology Showdown 2025 and Mixology Party. Several exciting pairing sessions have been added, including WINE LUXE Hong Kong TOP 10 Wine Pairing Restaurant Awards Presentation Ceremony 2025 on the second day of the Fair and Sake-Chinese Food Pairing on the final day.

Public Day welcomes wine lovers

On the final day, the 'Wine Fiesta' Zone will be open to public ticket holders aged 18 or above to sample and buy a range of wines and spirits, while enjoying wine tasting experiences through several activities. Regular tickets are priced at HK$220, with specially priced tickets at HK$128 available from 22 October to 7 November via CTG Bus, GoByBus, HK Liquor Store, HK01, HKGO, KKDay, KLOOK, lankwaifong.com, Trip.com, Winenow, Wai Shing Wine International CO., Ltd. and Trans-Island Chinalink. Ticket buyers will receive a Lucaris crystal wine glass on a first-come, first-served basis.

Photo download: http://bit.ly/3L1lqwS

At the press conference, HKTDC Deputy Executive Director Jenny Koo (centre) announced that the 16th International Wine & Spirits Fair will bring together more than 620 exhibitors from 20 countries and regions Debra Meiburg MW (left), Master of Wine, and Tomy Fong (right), Experienced Baijiu Connoisseur, also analysed industry trends at the press conference

Jenny Koo, HKTDC Deputy Executive Director (front row centre), Debra Meiburg MW, Master of Wine (front row third left), Tomy Fong, Experienced Chinese Baijiu Connoisseur (front row third right) and representatives from consulates and industry organisations attended the 17th HKTDC Hong Kong International Wine & Spirits Fair press conference

This year's Wine & Spirits Fair will bring exhibitors from Hong Kong and Chinese Mainland, and overseas exhibitors from around the world.

The Wine & Spirits Fair showcases fine wines and spirits from around the world as well as related products and services to trade visitors and buyers, promoting Hong Kong as a regional trading hub for wine and spirits

Kweichow Moutai showcases its iconic 'Flying Fairy' Moutai and the award-winning 'Golden Prince' Moutai Prince

Hong Kong Actor Timmy Hung's brand Hongjiaban Maotai blends traditional brewing techniques with Hong Kong-style flavours and action movie culture, while strictly following Maotai's ancient brewing methods.

The champion of the Hong Kong International Mixology Showdown 2024 'HK region, Yvonne from the Hong Kong Jockey Club Clubhouse, created a signature cocktail named 'Secret'.

The champion of the Hong Kong International Mixology Showdown 2024 ' GBA, Kenneth from the Hong Kong Jockey Club Clubhouse, created a signature cocktail named 'Harmony'.

Website

Hong Kong International Wine & Spirits Fair: https://www.hktdc.com/event/hkwinefair/en

Media enquiries

Please contact the HKTDC's Communications & Public Affairs Department:

Katy Wong Tel: (852) 2584 4524 Email: katy.ky.wong@hktdc.org

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in Chinese Mainland, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the Chinese Mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

Source: HKTDC

Copyright 2025 ACN Newswire . All rights reserved.

China's baijiu demand still needs more time to recover, HSBC analysts say in a research note. During the recently ended Golden Week, growth in retail and catering sales slowed compared with the previous weeklong holiday for Labor Day, official data showed. The analysts say it is partly because of a high base and delayed demand ahead of the November shopping festival. They estimate that baijiu's holiday sell-through declined 20% on year, in line with market expectations. Sales of mass-market products were better than high-end or sub-premium ones, they note. Among the baijiu brands, HSBC thinks that Kweichow Moutai performed the best during the holiday, and will likely deliver a flattish 3Q result. (sherry.qin@wsj.com)

China's baijiu demand still needs more time to recover, HSBC analysts say in a research note. During the recently ended Golden Week, growth in retail and catering sales slowed compared with the previous weeklong holiday for Labor Day, official data showed. The analysts say it is partly because of a high base and delayed demand ahead of the November shopping festival. They estimate that baijiu's holiday sell-through declined 20% on year, in line with market expectations. Sales of mass-market products were better than high-end or sub-premium ones, they note. Among the baijiu brands, HSBC thinks that Kweichow Moutai performed the best during the holiday, and will likely deliver a flattish 3Q result. (sherry.qin@wsj.com)

By Sherry Qin

Nvidia's uncertain prospects in China proved bad for the artificial-intelligence giant's shares on Thursday, but good for local Chinese chip stocks.

Nvidia said late Wednesday it didn't sell any new H20 chips-designed specifically for the Chinese market- last quarter and doesn't expect to book any revenue from them this quarter.

Shares of SMIC, China's largest contact chip maker, surged as Nvidia's guidance firmed bets that more semiconductors used in China could be made domestically. The stock climbed 17% in Shanghai and 11% in Hong Kong.

A.I. chip designer Cambricon Technologies, viewed locally as an Nvidia challenger, surged 16% in Shanghai. That saw it overtake liquor maker Kweichow Moutai as the priciest stock on the Chinese market.

Nvidia's H20 has been caught in the crosshairs of U.S.-China tensions. Beijing has scrutinized the chip over security issues and urged local companies not to buy it, while Washington has tightened curbs on access to U.S. tech.

An H20-size hole could create a gap in China for domestic chip makers. However, analysts say it will likely be a while before a made-in-China chip can fully meet market demand.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).