Within half a month, two major baijiu companies have successively "lost generals": Moutai's "chief financial officer" Jiang Yan investigated while in office.

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The calm of the market was broken by a major announcement from Moutai.

On March 13, Guizhou Moutai issued an announcement stating that the company had received notification from the Zunyi Municipal Supervision Committee: Jiang Yan, a member of the Party Committee, Deputy General Manager, Chief Financial Officer, and Board Secretary of Guizhou Moutai Co., Ltd., has been subjected to detention.

Jiang Yan's career has been intertwined with Moutai's financial sector expansion in recent years.

After joining Moutai in 2012, she led the establishment of Guizhou Moutai Group Finance Co., Ltd. and served as chairman for a long time. As the group's "internal bank," the institution is the core hub for aggregating the group's tens of billions in cash flow and executing capital operations.

Her authority subsequently expanded: by leading Moutai (Shanghai) Financial Leasing Co., Ltd., she extended her influence into the financial markets; by managing Moutai Jianxin Fund, she arranged equity investments in the baijiu industry chain and related new consumer and tech fields.

From November 2021, Jiang Yan entered the core management team of the listed company, serving as Deputy General Manager and Chief Financial Officer of Guizhou Moutai Co., Ltd., and concurrently fulfilling the duties of Board Secretary.

In 2022, she formally became Chairman of Guizhou Moutai Group Finance Co., Ltd., until this investigation.

Some analysts believe that this key role, combining financial decision-making, capital allocation, and information disclosure, ensured efficiency but also made fund flows, related transactions, and project access in her workflow a focus of regulatory scrutiny.

News of Jiang Yan's investigation has also led the public to recall the personnel changes at Wuliangye two weeks prior.

On February 28, 2026, Wuliangye Chairman Zeng Congqin was detained for investigation due to suspected serious disciplinary and legal violations. Within just over ten days, two giants in the baijiu industry saw their core executives detained in succession, sparking widespread attention in the industry.

Such concentrated changes within the industry echo the current deep period of adjustment in the baijiu sector.

As the baijiu market enters a turning point in demand in 2025, both Moutai's "capacity expansion and market stabilization" and Wuliangye's "channel inventory reduction" involve massive capital allocations.

In a market downturn cycle, financial flaws and compliance loopholes concealed during past aggressive expansion periods may now become the breakthrough point of audit storms.

Currently, Guizhou Moutai states in the announcement that production and operations are normal, with Chairman Chen Hua temporarily assuming the responsibilities of Board Secretary.

However, in this critical stage of baijiu's cyclical adjustment, the absence of a core financial officer undoubtedly increases the cost of communication between the company and the capital market.

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