Moutai surges to record high on profit growth

Shares of Kweichow Moutai Co Ltd rose to a record high in Shanghai on Thursday after the Chinese liquor maker posted an impressive growth in third-quarter earnings.

The distiller from the town of Maotai, Guizhou province had earlier reported a 60 percent jump in net profit for the first nine months of the year and 138 percent growth in third quarter earnings on higher sales.

Kweichow Moutai shares rose 6.97 percent to close at 605.09 yuan ($91.3) on Thursday. Its market value has exceeded 760 billion yuan, outnumbering that of China's oil giant Sinopec Group.