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  • China's liquor giant Gradual Multi posted mediocre third quarter results this week.

  • Net profit grew 6.9% year on year, missing analyst forecasts.

  • More worryingly, the index heavyweight is giving handouts to local governments, even a state investors down shares.

  • The company gifted them nearly $14 billion was wiped out from the company's market cap on Monday.

  • Maltais, a state owned company and has long been contributing to the local economy.

  • But clearly that's not enough anymore.

  • In the last quarter, Maltais, third biggest shareholder of Provincially controlled investment vehicle, aggressively cut its stake, cashing in nearly $4 billion worth of shares.

  • In his latest statement, Multi also announced over 800 million yen in outright donations to help to local governments to build infrastructure project in multi home province of Ridgell.

  • Government debt is equivalent to nearly 150% of local revenue in 2019 according to what I do and securities, which makes it the most leverage province in China.

  • Fiscal revenue for the province dropped over 5% in the first nine months.

China's liquor giant Gradual Multi posted mediocre third quarter results this week.

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    林宜悉 posted on 2020/11/03
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