Even Xu Jiayin wouldn't dare to play like this

Wuliangye cooked the books and covered it up for a year, now they can't hide it anymore.
And they're also compensating A-share investors,
If you bought Wuliangye stock last year, Wuliangye is now liable to pay you back.
I see trading groups discussing,
Wuliangye's Hong Kong stock changed its financial report for the first three quarters of 2025,
from 60.9 billion to 30.6 billion in revenue.
Suddenly, it's 30.3 billion less.
Actually,
Anyone who has traded liquor stocks knows,
There used to be a rule in the liquor industry.
Wuliangye doesn't sell directly to you; they sell to distributors nationwide.
So, as long as distributors pay in advance,
Once the money is received, even if the goods are still in warehouses,
Wuliangye will record this money as revenue.
Although logically, revenue should only be recognized when goods are shipped.
But in the liquor industry, the logic is that once the money is paid, it's considered sold.
You also know,
Because over the past twenty years, the economy has been rising,
During good times, distributors rushed to pay,
Goods are eventually shipped out, and no one questions it.
But now, with the consumption downturn cycle,
Liquor sales are generally poor,
Distributors' warehouses are full, they stop paying,
Some even ask for refunds, and this hole can't be patched.
And previously, Wuliangye's chairman was taken away,
The CSRC is watching,
They can't keep recording the books like this anymore, and the new leadership will need to correct it.
So if you bought Wuliangye stock last year,
You can now sue and claim compensation.
Such outrageous acts by Wuliangye,
Are just the beginning of a downward cycle.