Liquor Giants Both Suffer Setbacks Within Two Weeks: Moutai's "Finance Chief" Jiang Yan Under Investigation While in Office

The calm in the market was broken by a major announcement from Moutai.

On March 13, Guizhou Moutai announced that the company received a notice from the Zunyi Municipal Supervisory Committee that Jiang Yan, a member of the Party Committee, Deputy General Manager, Chief Financial Officer, and Secretary of the Board of Directors of Kweichow Moutai Co., Ltd., has been placed under detention.

Jiang Yan’s career has spanned the recent financial sector expansion of Moutai.

Since joining Moutai in 2012, she led the establishment of Guizhou Moutai Group Financial Co., Ltd., and served as its Chairman for a long time. As the group’s “internal bank,” this institution is the core hub for consolidating the group’s hundreds of billions in cash flow and executing capital operations.

Her authority further expanded: by overseeing Moutai (Shanghai) Financial Leasing Co., Ltd., she extended her reach into the financial markets; by managing Moutai Jianxin Fund, she invested in the liquor industry chain and related new consumption and technology sectors.

Starting in November 2021, Jiang Yan joined the core management team of the listed company, serving as Vice President, CFO, and acting Secretary of the Board.

In 2022, she officially became Chairman of Guizhou Moutai Group Financial Co., Ltd., until her recent investigation.

Some analysts believe that this key role, which combines financial decision-making, fund allocation, and information disclosure, while ensuring efficiency, also makes the flow of funds, related-party transactions, and project access within her work process a focus of regulatory scrutiny.

The news of Jiang Yan’s investigation also reminded the market of the personnel changes at Wuliangye two weeks ago.

On February 28, 2026, Wuliangye’s Chairman Zeng Qin was placed under detention for suspected serious violations of discipline and law. Within just over ten days, two major liquor giants had core executives detained, causing widespread industry attention.

This concentrated industry change echoes the current deep adjustment period in the liquor industry.

As the 2025 liquor market approaches a demand turning point, whether it is Moutai’s “expanding production to stabilize the market” or Wuliangye’s “channel destocking,” both involve huge capital movements.

During the market downturn, financial flaws and compliance loopholes hidden during previous aggressive expansion phases may become the breakthrough points for an audit storm.

Currently, Guizhou Moutai announced that production and operations are normal, with Chairman Chen Hua temporarily taking over the Secretary of the Board duties.

However, during this critical phase of cyclical adjustment in the liquor industry, the absence of a core financial officer undoubtedly increases the company’s communication costs with the capital market.