China should reduce business drinking and replace it with "correct values,” the Chinese Communist Party’s anti-corruption watchdog said in a commentary on a sexual assault case involving employees with Alibaba Group Holding Ltd.
Some "under the table rules” such as forced drinking for business purposes may lead to crimes, the Central Commission for Discipline Inspection said in an article posted in the opinion section of its website under the name Shi Zhe. Those who violated laws in the Alibaba case will be punished strictly.
Most alcohol-related stocks dropped in Wednesday’s trading. The bellwether Kweichow Moutai Co. fell as much as 2.1%, while Wuliangye Yibin Co. — its next biggest peer by market value — dropped as much as 2.8%. Wine maker Shanxi Xinghuacun Fen Wine Factory Co. declined as much as 3.2%.