Chinese liquor stock that drew comparisons to bitcoin is clinging to 2020 gains

BEIJING — The biggest stock in the mainland Chinese "A share" market is a liquor company that analysts are betting on for the long term, despite its plunge in the last month.Kweichow Moutai sells "baijiu" which has an alcohol content of about 43% to 53% and can cost about a few hundred U.S. dollars per bottle. Baijiu — literally "white spirits" — is a staple at Chinese business and government dinners for forging relationships and deals.The stock was down about 1% year-to-date as of Monday morning, holding 2020's gains of roughly 70%.Earlier this year, the stock's rapid surge in price drew internet memes comparing it to the GDP of Chinese cities and bitcoin's high-flying price. Cryptocurrency bitcoin has surged more than 80% this year to above $60,000.Moutai's share price had climbed 30% from Dec. 31 to a record high just before the Lunar New Year in mid-February, when it achieved…

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