Judicial auctions of Chinese baijiu bulk stocks on platforms including Alibaba Auctions and JD Auction have risen, signaling stress transmission from downstream channels to upstream production. Incomplete counts show more than ten liquor firms have had bulk spirits auctioned since 2026; most lots faced repeated failed auctions and successful sales generally cleared below appraisal. In May, Anhui Wuzigu Liquor Co. sold two lots on JD Auction after five failed attempts, at prices equivalent to 3.9

Judicial auctions of Chinese baijiu bulk stocks on platforms including Alibaba Auctions and JD Auction have risen, signaling stress transmission from downstream channels to upstream production. Incomplete counts show more than ten liquor firms have had bulk spirits auctioned since 2026; most lots faced repeated failed auctions and successful sales generally cleared below appraisal. In May, Anhui Wuzigu Liquor Co. sold two lots on JD Auction after five failed attempts, at prices equivalent to 3.9 yuan and 3.7 yuan per 500g—roughly the price of supermarket cola.