Kweichow Moutai's general manager Li Baofang selected as new chairman

Kweichow Moutai Co Ltd, China's signature high-end spirit maker, announced on Sunday night that Li Baofang, the current general manager, will be appointed the chairman of the group, and Yuan Renguo will step down as chairman.

Li will maintain his position as general manager and Party secretary of Moutai. The company said in a statement that the process will be handled according to relevant legal procedures.

Li, who has been working at Moutai for nearly three years, has been leading the growth of the group and the industry with his distinct personal style and strong principles.