![](https://cdn.i-scmp.com/sites/default/files/styles/og_image_scmp_generic/public/d8/images/canvas/2024/07/30/eaf7d1af-bd35-4a28-b5bb-4bc7741c5383_c51bdccb.jpg?itok=z7ITnE3i&v=1722316674)
UBS takes the spirit out of China’s distillers by downgrading Moutai, other baijiu brands
UBS Group downgraded the ratings on Kweichow Moutai and other Chinese major liquor distillers as capacity expansions and destocking strategies create a supply overhang, at a time when consumer demand is waning in the world’s biggest spirits market. In a …