I personally think that because it is Maotai, it does not worry about the market at all and it is a state-owned enterprise that does not have to go bankrupt. Shareholders are optimistic about it. If more people leave, it will become a road. If more people buy, it will naturally rise higher. The bottom is turning because it is Maotai! "

I am happy and nervous at the same time. The secondary market is a double-edged sword for us." Sitting on the stock price train, Yuan Renguo, the general manager of Kweichow Moutai (600519.SH), was surprised and happy.

Since the resumption of trading on April 17, Kweichow Moutai's share price has been on the daily limit for three consecutive times, approaching 90 yuan from 62.27 yuan before the share reform, and going straight to the 100 yuan mark.

Previously, in the more than 10-year history of the domestic securities market, the only company that had a career of more than 100 yuan was Yi'an Technology. In the end, it was confirmed that it was an evil banker.

What is different from the Yi'an era is that in today's capital market, institutional investors have dominated the world, and QFII's holdings in the Chinese stock market are also increasing. This increases the stability of the market and makes investment more

There is relatively less room for rational and malicious speculation.

"The increase in stock price is generally a reflection of confidence in the company, but it does not rule out the possibility of market speculation." On April 23, Yuan Renguo said in an exclusive interview with this reporter in Boao.

Statistics show that as of December 31, 2005, 92 funds from 33 fund companies held 62.371% of the 134.96 million circulating shares of Kweichow Moutai, with a total shareholding of approximately 84.18 million shares.

Since the beginning of this year, there have been obvious signs that funds have increased their holdings of Kweichow Moutai, and Kweichow Moutai has become a must-allocate asset for many new funds.

Data show that in fiscal year 2005, Kweichow Moutai's net profit reached 1.101 billion yuan, and its business is expected to continue to grow this year.

This would obviously explain why institutions are flocking to the site.

But in any case, it is necessary to maintain rational attention to the spectacular price changes in the secondary market.

Stable market performance can give investors more confidence than ups and downs.

Yuan Renguo told reporters that the company itself is also paying close attention to changes in the secondary market, but due to the short time for resumption of trading, it is impossible to draw conclusions. Once any changes are discovered, it will be treated with caution.

On April 23, Yuan Renguo, general manager of Kweichow Moutai, accepted an exclusive interview with this reporter.

The possibility of speculation by individual funds cannot be ruled out. "21st Century": Since the resumption of trading, Kweichow Moutai's stock price has been rising, and it has become the most expensive stock in the Shanghai and Shenzhen stock markets.

What do you think about this?

Do you think the current share price is healthy?

Yuan Renguo: When we were undergoing shareholding reform, we communicated with institutional investors in Beijing, Shanghai, Guangzhou and other places, and many funds made it clear to us that they would definitely continue to rise after trading resumed.

Sure enough, the first three days were all at the daily limit.

We are also wondering whether this trend and speed are a bit too fast, but I think generally speaking, we should have confidence in Moutai, but we do not rule out the possibility of speculation by individual funds.

"21st Century": But has it risen too fast in the past few days, which is a bit abnormal?

It is about to break through the 100-yuan mark, and the only 100-yuan stock in history was Yi'an Technology.

Yuan Renguo: You can’t compare Yi’an Technology with us.

"21st Century": What do you think of this association with Yi'an Technology?

Yuan Renguo: In the past, there were indeed short-lived flashes in the pan. This is also the law of the market.

Take our liquor market as an example. A few years ago, there were more than 100,000 liquor markets across the country, and there were more than 100,000 brands. However, some brands disappeared after one or two years, and one brand died after two or three years.

, there is a poem that is very vivid: looking at peers indifferently becomes a new ghost, and the "Wine King" flag changes on the city wall.

"21st Century": From another perspective, some liquor brands in the same industry, such as Wuliangye (Information Market Forum), are also good blue chip stocks, but the current stock price is only more than 8 yuan, and yours is 10 times that.

Yuan Renguo: It’s hard for me to comment on Wuliangye. If our current price is ex-rights, the stock price would actually be over 170 yuan.

Some shareholders have previously raised the issue, saying that the stock price is too high and cannot be afforded. Can it be diluted a bit? However, there are also shareholders who object and believe that Moutai can become China's Buffett stock.

Pay close attention to the secondary market "21st Century": You just said that you do not rule out the possibility of speculation in individual funds.

So what if there is really fund speculation?

Do you pay attention to the secondary market and do you have certain monitoring measures for the secondary market?

Yuan Renguo: It will take some more time to see. It’s only been a week now. It’s too early to draw conclusions. We haven’t done in-depth research yet. We want to see it for a while and make a decision after a comprehensive and serious understanding.

"21st Century": But the price in the secondary market changes too fast, which may not be a good thing for the company.