Guizhou Moutai's "Financial First Position" Under Investigation

Kweichow Moutai’s most knowledgeable finance executive has been dismissed.

On the evening of March 13, the “stock king” of A-shares, Kweichow Moutai, issued a major announcement: Jiang Yan, a member of the company’s Party Committee, deputy general manager, chief financial officer, and secretary of the board, is under disciplinary review and supervisory investigation for suspected serious violations of discipline and law. He has been lawfully placed under detention.

As a core figure who has been deeply involved in the financial sector within the Moutai system for over a decade, Jiang Yan built key financial platforms such as Moutai Financial Company, Jianxin Fund, and Shanghai Financing Leasing, managing the “purse” of the trillion-yuan Moutai. He is truly a leading figure in the liquor industry’s “financial first position.”

The fall of this core financial executive, combined with the previous investigations of three chairmen, casts a shadow over anti-corruption efforts and marks a critical point for the restructuring and correction of Moutai’s financial landscape, which has taken years to develop.

Moutai’s Financial Woman Executive Falls

Jiang Yan is a typical female executive who transitioned from banking into Kweichow Moutai, and she is a rare “non-liquor background” professional financial talent within Moutai’s senior team—indeed, a woman leader.

According to information, Jiang Yan was born in 1977, holds dual master’s degrees in Law and Business Administration, and her career has always focused on capital operations, financial compliance, and capital management. She is considered a pioneer in integrating finance with Moutai’s industry and finance.

In her early years, Jiang Yan worked in the banking system for over ten years, accumulating solid practical experience in finance and risk control. She initially worked at the Bank of China’s Guizhou branch, holding key positions in accounting, credit, and legal compliance, gaining a comprehensive understanding of banking operations over 11 years. She then transferred to the Industrial Bank’s Guizhou branch, participating in its establishment and building strong local financial resources and professional reputation.

In 2012, Jiang Yan officially crossed over to join Moutai Group, marking a pivotal turn in her career. At that time, Moutai was trying to break free from reliance on its core liquor business and was planning to develop a financial sector to create a second growth curve. Jiang Yan’s arrival filled a gap in the group’s financial expertise.

She participated from the beginning in establishing Moutai Group’s financial company—viewed as Moutai’s “internal bank”—which later promoted her to chairman, giving her full control over the group’s hundreds of billions in funds, including collection, allocation, and operation.

With outstanding financial management skills, Jiang Yan gradually took over more financial assets of Moutai, leading the Jianxin Fund, Moutai (Shanghai) Financing Leasing, and building a diversified financial structure covering fund investment, leasing, and supply chain finance—becoming a key player in Moutai’s external capital operations and industrial investments.

In November 2021, Jiang Yan entered the core leadership of Kweichow Moutai listed company, being appointed deputy general manager and CFO; in 2022, she also became secretary of the board, holding key powers over financial approval, information disclosure, and capital operations, firmly securing her position as the “financial first position” of Moutai and serving as a senior advisor to multiple chairmen.

Financial analysts note that Jiang Yan’s investigation is not an isolated anti-corruption case within Moutai but a deep breakthrough in the ongoing anti-corruption storm that has affected this trillion-yuan liquor giant for years. The governance risks among Moutai’s senior management have long been apparent, with three former chairmen falling from power in just a few years, revealing deep underlying governance issues.

Yuan Renkui, who led Moutai for 18 years, pushed Moutai to the top of the global liquor industry but was eventually removed for massive corruption and family-style misconduct, receiving a life sentence. His successor, Gao Weidong, served just over a year before being investigated for illegal decision-making and benefit transfer. Ding Xiongjun, after stepping down as chairman and transferring to another position, was also investigated in early 2025, becoming the third top leader to fall.

From the top of the liquor business to the core financial management, Moutai’s anti-corruption efforts have penetrated from traditional sectors like distribution and production into the core of capital management and financial operations, marking a deepening of corporate governance rectification.

What Will Happen to the Liquor Industry’s Financial Empire?

Moutai is not only a liquor giant but also a financial powerhouse with multiple licenses.

Supported by abundant and stable cash flow, Kweichow Moutai has steadily expanded into the financial sector over the years, gradually building a comprehensive financial architecture covering multiple business types. Its overall strategy centers on serving its core liquor business and achieving industry-finance synergy, with a layout that includes controlling core platforms and holding stakes in licensed institutions. Its business scope now covers banking, insurance, funds, and leasing.

Banking is a key part of Moutai’s financial layout. Moutai holds significant stakes in several local banks, including about 12% of Guizhou Bank, making it the second-largest shareholder, and also holds shares in Guiyang Bank, Guizhou Rural Commercial Bank, Renhuai Moutai Rural Commercial Bank, and Fenggang Rural Commercial Bank, forming a regional network of bank holdings.

In insurance, Moutai’s presence is also notable. It owns 20% of Huagui Life Insurance, making it the largest shareholder, and has stakes in Huatai Insurance Group’s related entities, involved in life and property insurance, further expanding its licensed financial footprint.

In the fund and leasing sectors, Moutai has established its own core platforms through controlling stakes. Its Moutai Jianxin Fund focuses on equity and industrial investments, while Moutai (Shanghai) Financing Leasing concentrates on supply chain finance within the liquor industry, supporting upstream and downstream enterprises.

Additionally, Moutai’s financial company acts as an internal capital management hub, handling fund collection, internal settlement, credit support, and wealth management, serving as the financial hub of the entire landscape.

Analysts observe that although Moutai’s financial layout covers a broad scope and holds high stakes in related institutions—highlighting its “Moutai content”—the overall operational efficiency of this sector has not met expectations, with core institutions showing mediocre performance.

For example, Guizhou Bank, a key part of Moutai’s financial layout, benefits from Moutai’s major shareholding resources in deposits and cooperation, but its profitability and asset growth remain average within the industry, unable to leverage Moutai’s resources for rapid development.

Huagui Life Insurance, controlled by Moutai, has seen slow growth in premiums and market share over the years, with weak profitability, contributing minimally to Moutai’s overall performance. The fund and leasing platforms remain small and scattered, with low revenue and profit contributions, making it difficult to achieve scale.

Strategically, Moutai’s financial sector was initially intended to break away from dependence on its core liquor business and create a second growth engine. However, this path has faced difficulties: the financial sector is constrained by state-owned enterprise risk controls, lacks professional operational capabilities, and has not achieved sustainable profitability. Meanwhile, the liquor business remains the main source of revenue and profit, with insufficient synergy between finance and core operations, preventing a dual-engine growth model.

Thus, relying on financial services to support a second growth curve remains challenging for Moutai in the short term.

Looking at Jiang Yan’s investigation, it may also serve as an important opportunity for Moutai’s financial sector to thoroughly correct course and reorganize its layout. This could involve divesting inefficient financial assets, standardizing fund operations, and improving corporate governance, allowing the financial business to truly return to its original purpose of serving the core liquor business.