Wuliangye raises prices amid shares fall

Wuliangye Yibin Co Ltd, the second-largest producer of Chinese liquor, said Tuesday that it will raise liquor prices despite the company's falling share price.

Prices of its high-end products, such as Wuliangye 1618, jumped by more than 30 percent, to 900 yuan ($144) per bottle, while the price of its lower-level regular Wuliangye increased 10 percent, to 725 yuan, the company said.

On Monday, shares of Chinese distillers such as Wuliangye and Kweichow Moutai Co Ltd fell, two days after the central government announced that receptions for high-ranking military officers will no longer include liquor or luxurious banquets.

Shares in Moutai fell 5.55 percent on the Shanghai Stock Exchange, while shares in Wuliangye slid 3.02 percent in Shenzhen that day.