Scandal-hit ‘baijiu’ maker sharply revises earnings with chairman missing
Food & Beverage
Wuliangye’s boss removed from China’s NPC; company warns sector in ‘deep water’
An attendant holds a bottle of Wuliangye, one of China’s most famous liquors: The company is mired in a scandal and slashed its earnings in a restatement. © Reuters
TOKYO — A major producer of the Chinese liquor baijiu has drastically restated its earnings, slashing key figures by half or more, while speculation swirls around its missing chairman and business conditions across the sector offer little to cheer.
