# China SOE

Chairman of Wuliangye, a 400-billion-yuan Icon, Placed Under Investigation — Another Shock for China’s Baijiu Giant

Zeng Congqin, chairman of Wuliangye, has been placed under disciplinary and criminal review by Yibin city authorities. The probe compounds an already difficult period for the baijiu maker, which posted steep year‑on‑year declines in 2025 as the broader liquor market contracts and distribution prices collapse. Investors and the market will watch leadership succession and governance responses closely as Wuliangye navigates a deep industry adjustment and a heightened regulatory climate.