The two giants of liquor have both "fallen" within half a month: Moutai's "financial steward" Jiang Yan has been investigated during his tenure

The calm in the market was shattered by a significant announcement from Moutai. On March 13, Guizhou Moutai announced that the company received a notification from the Zunyi Municipal Supervisory Committee, stating 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 residential surveillance. Jiang Yan's career has been intertwined with Moutai's financial sector expansion in recent years. After joining Moutai in 2012, she led the establishment of Guizhou Moutai Group Finance Co., Ltd. and served as its chairman for a long time. As the "internal bank" of the group, this institution is the core hub for aggregating the group's cash flow of hundreds of billions and executing capital operations. Subsequently, her authority further extended: by overseeing Moutai (Shanghai) Financial Leasing Co., Ltd., she reached into the financial market; by managing Moutai Jianxin Fund, she laid out equity investments in the liquor industry chain and related new consumption and technology fields. Since November 2021, Jiang Yan entered the core management team of the listed company, serving as Deputy General Manager and Chief Financial Officer of Kweichow Moutai Co., Ltd., and acting as Secretary of the Board of Directors. In 2022, she officially took on the role of Chairman of Guizhou Moutai Group Finance Co., Ltd. until this investigation. Some analysts believe that this key role, which integrates financial decision-making, fund scheduling, and information disclosure, while ensuring efficiency, has also made the flow of funds, related transactions, and project access involved in her work process the focus of regulatory scrutiny. The news of Jiang Yan's investigation also reminded the public of the personnel changes at WLY that occurred two weeks ago. On February 28, 2026, WLY Chairman Zeng Zhong was placed under residential surveillance for suspected serious violations of discipline and law. Within just over ten days, core executives from two liquor giants have been placed under residential surveillance, causing widespread attention in the industry. This concentrated change within the industry resonates with the current deep adjustment period of the liquor industry. As the liquor market approaches a demand inflection point in 2025, both Moutai's "expansion to stabilize the market" and WLY's "channel destocking" involve massive fund scheduling. During the market downturn cycle, financial flaws and compliance loopholes that were previously concealed during the aggressive expansion period may be becoming the breakthrough point for the audit storm. Currently, Guizhou Moutai announced that production and operations are normal, and Chairman Chen Hua is temporarily acting as Secretary of the Board of Directors. However, at this critical stage of cyclical adjustment in the liquor industry, the absence of a core financial officer undoubtedly increases the cost of communication between the company and the capital market. Risk Warning and Disclaimer The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not consider individual users' specific investment goals, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at their own risk