Kweichow Moutai announces share repurchase, charter revisions

Kweichow Moutai Co., Ltd. announced a share repurchase program, approved at its first extraordinary general meeting on November 28, 2025. The company plans to repurchase shares via centralized bidding for cancellation, reducing its registered capital. The repurchase price will not exceed yuan 1,887.63 per share, with total expenditure between yuan 1.5 bn and yuan 3 bn. This initiative is expected to reduce the total share capital by approximately 794,647 to 1,589,294 shares, representing 0.0635% to 0.1269% of the issued share capital.

The share repurchase is primarily intended for capital reduction, as confirmed by a legal opinion. Creditors have 30 days from receiving the notice, or 45 days from the announcement disclosure, to claim debts or request guarantees.

In addition to the repurchase, Kweichow Moutai’s shareholders also approved revisions to the company's articles of association and its related party transaction decision-making system. The amended articles of association, updated in November 2025, reflect these governance changes.