China-based liquor-maker Kweichow Moutai Co. Ltd. plans to set up a financial holding company.
The company currently operates four financial units in the finance, fund management, leasing and life insurance sectors, and holds stakes in eight other financial companies, including Bank of Guizhou Co. Ltd. and Bank of Guiyang Co. Ltd.
Establishing Moutai Group Financial Holdings Co. will allow Kweichow Moutai to integrate financial resources and develop its financial businesses into a growth driver for the company.
One of Moutai's financial units, Huagui Life Insurance Co. Ltd., began operations in February. Kweichow Moutai is the largest shareholder of Huagui Life with a 20% stake.