Shanghai, February 9, 2026, 03:52 (GMT+8) — Premarket
Kweichow Moutai Co., Ltd.’s Class A shares will resume trading Monday, after the iMoutai app announced it would undergo a maintenance upgrade. This follows complaints of sluggish pages and failed orders on the platform. The company said maintenance would start at 1400 Sunday and finish by 0700 Monday, with some app features temporarily impacted.
The weekend’s mess hits a nerve for investors. iMoutai, a flagship direct-sales arm for the group, is right at the heart of a running battle—regular buyers on one side, scalpers chasing official-price inventory on the other.
iMoutai is now cancelling and refunding some orders it deems “abnormal”—a shift that’s already hit buyers who grabbed the 1,499-yuan Feitian Moutai in the morning, only to see their orders reversed hours later. The platform’s new service terms spell out the red flags: duplicate accounts linked to a single address, the same payment account, repeated IP addresses or device IDs. Under these rules, iMoutai reserves the right to void orders and block or ban accounts on the spot, without warning. Sina Finance
Moutai’s A-shares ended Friday at 1,515.01 yuan, slipping 2.57%. Shares touched a session low of 1,505.88 yuan.
But the stock ended the week up 8.14%, with funds shifting into defensive consumer plays like baijiu—China’s staple grain spirit—even as packed tech positions felt the squeeze, according to a First Financial note. Investment director Zhao Xi at Shanghai Yinghao Asset Management told the publication that the holiday calendar and tighter liquidity were key factors behind the drop in high-valuation tech stocks.
Guojin Securities analyst Liu Chenqian, in a Feb. 8 weekly note, highlighted stronger sell-through propping up wholesale prices for Moutai. Liu also pointed out possible catalysts as conditions get better in sections of the catering supply chain.
But efforts to block scalpers by screening orders can end up cutting short-term app sales—and backlash could intensify if refunds start hitting real customers. There’s also the open question of whether glitches on the platform will drive shoppers back to brick-and-mortar outlets, where prices tend to shift quickly and transparency is limited.
Consumer stocks might be in for another round of swings, with macro numbers on deck. China releases its January CPI and PPI this Wednesday. ING is looking for CPI to slow to 0.5% year-on-year, while it sees producer prices still stuck in deflation at about -1.3%. That’s likely to keep investors tuned in for potential policy moves aimed at boosting demand.
Calendar watchers in the market have noted the Shanghai Stock Exchange’s upcoming closure for the Spring Festival. Trading halts from Feb. 15 to Feb. 23, with business set to resume on Feb. 24.
With Moutai, the initial test hits before the open—will iMoutai steady once the maintenance wraps up at 0700 local? From there, eyes swing to Wednesday’s inflation numbers, plus moves investors might make before the Feb. 15 market closure.
