It also noted that Covid flare-ups in October and November caused a sharp drop in banquets and other social gatherings, usually the peak fourth-quarter season for Chinese liquor consumption.

Liang Guoxing, chairman of Silver Base Group Holdings, has left more questions than answers about the poor performance of one of the mainland's largest distributors of Chinese liquor. While ...

Foreign high-end liquor companies are seeing sales drop, partly because the Chinese central government's anti-extravagance campaign has weakened the once vigorous demand for expensive liquor.