On the afternoon of October 25, the third quarter report of Guizhou Maotai (600519. SH), the “king of shares”, was released. The report showed that the shareholding proportion of the top ten shareholders of the company changed greatly, especially the proportion of the third largest shareholder of Guizhou state-owned assets operation decreased from 4% at the end of the second quarter to 2.67%, and the reduction income exceeded 25 billion yuan. Zhu danpeng, an analyst of China’s food industry, told the associated press that Maotai’s function and mission had risen to the financing platform of Guizhou’s economy. Cai Xuefei, an liquor analyst, pointed out to the financial association that “Guizhou Maotai is no longer a simple liquor company. It has a strong symbolic role of leverage in the whole economic system of Guizhou Province. I personally think that the reduction and change of Maotai shares are not simple economic behaviors, involving the development of local economic construction and infrastructure construction.” < p > < p > the reporter noted that the substantial reduction of state-owned assets operation in Guizhou is closely related to the repayment pressure of Guizhou urban investment bonds. According to the data, in 2019, the balance of interest bearing liabilities and local government debts of Guizhou urban investment and Investment Corporation is about 1.10 trillion yuan and 967.3 billion yuan respectively, and the annual maturity scale of urban investment bonds from 2020 to 2025 is more than 40 billion yuan. < p > < p > in September this year, Huachuang Securities pointed out that the financing difficulty of Guizhou Province has increased, and the financing cost is higher, and it also indicates that the urban investment bonds have greater risk of repayment pressure when they are due. It is worth noting that since mid-2018, there have been frequent “thunderstorms” in urban investment bonds, especially in Guizhou. < p > < p > the debt pressure such as urban investment bonds forced the debt resolution work to be accelerated. Huachuang securities analyzed that transferring Guizhou Maotai shares to enrich the strength of the provincial state-owned assets company was one of the tasks. At the end of last year, Maotai Group, the company’s major shareholder, issued a notice, saying that according to the requirements of the relevant notice issued by the state owned assets supervision and Administration Commission of Guizhou Province, Maotai Group intends to transfer 4% of Guizhou Maotai shares to Guizhou state-owned assets operation free of charge. The transfer registration was completed in January this year. In addition to the stock rights of Guizhou Maocheng Group Co., Ltd., which is not intended to be transferred to Guizhou Maocheng high-speed Group Co., Ltd. at the end of September this year, it will not be used for the equity transfer of Guizhou Maocheng high-speed investment group to the end of September. According to public data, Guizhou expressway is the main force of infrastructure projects such as road construction in Guizhou Province, with a loss of 2 billion yuan in the first half of the year and a debt of 289.4 billion yuan by the end of June. In particular, the number of shares held by Guizhou’s third largest shareholder, Guizhou state-owned assets operation, decreased from 50.24 million shares at the end of the second quarter to 33.4874 million shares, with a reduction of 16.7526 million shares. During the third quarter, the lowest stock price of Maotai in Guizhou was 1494.27 yuan / share (closing price on July 1), which means that the state-owned assets operation of Guizhou gained more than 25.033 billion yuan. < / P > < p > in the changes of the top ten shareholders, except for the state-owned assets operation in Guizhou, the shareholding ratio of Hong Kong Central Clearing Company decreased from 8.45% at the end of the second quarter to 8.01%, and the industrial and Commercial Bank of China – Shanghai Stock Exchange 50ETF was newly added with the shareholding ratio of 0.29%. Guizhou financial holding group, the former tenth largest shareholder, was no longer included in the list. < p > < p > it is worth mentioning that the growth rate of Guizhou Maotai’s third quarter report has narrowed. According to the data, the company’s revenue and net profit in the first three quarters of this year were 67.215 billion yuan and 33.827 billion yuan respectively, with a year-on-year increase of 10.31% and 11.07%, which were narrowed compared with the growth of 16.64% and 23.13% in the same period of last year. According to Cai Xuefei’s analysis, “the performance of Maotai high-end liquor is much better than that of series liquor, and the series liquor is actually declining compared with the same period of last year.” According to the investigation conducted by the financial association in early October, due to the impact of the epidemic on catering industry, the liquor consumption scene has not yet fully recovered, and the sales of many liquor terminal stores are not good, and some stores even have only half of the sales in the same period last year. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. 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