Dumping duty imposed on China major Australian wine producers shares down 20percent

category:Finance
 Dumping duty imposed on China major Australian wine producers shares down 20percent


Based on the news from ABC and CNBC news network, China announced that Australias wine will be subject to additional tariff. On the basis of the sharp drop on the 27th, Fuyi Wine Group continued to decline in the morning of the 30th, reaching the lowest level in more than three weeks. Its market value in Australias asx200 stock market has shrunk by about a $1.6 billion (about 7.78 billion yuan). It is reported that nearly one-third of Fuyi Wine Groups revenue in fiscal year 2020 comes from China, and there is a strong demand for its high profit margin premium wine. Affected by the tariff, Chinas demand for Australian wine will be extremely limited. CNBC said the tariff had another impact on the Australian wine industry after the outbreak led to a drop in wine retail sales by bars and restaurants. Fuyi wine group said in a statement on the 30th that the company will adjust the sales direction of some wine exported to Chinas market to other markets such as China, the United States and Europe, while reducing management and supply costs. (overseas network Zhang Qi) source: overseas network editor: Chen Hequn_ NB12679

Based on the news from ABC and CNBC news network, China announced that Australias wine will be subject to additional tariff. On the basis of the sharp drop on the 27th, Fuyi Wine Group continued to decline in the morning of the 30th, reaching the lowest level in more than three weeks. Its market value in Australias asx200 stock market has shrunk by about a $1.6 billion (about 7.78 billion yuan).

It is reported that nearly one-third of Fuyi Wine Groups revenue in fiscal year 2020 comes from China, and there is a strong demand for its high profit margin premium wine. Affected by the tariff, Chinas demand for Australian wine will be extremely limited. CNBC said the tariff had another impact on the Australian wine industry after the outbreak led to a drop in wine retail sales by bars and restaurants.

Fuyi wine group said in a statement on the 30th that the company will adjust the sales direction of some wine exported to Chinas market to other markets such as China, the United States and Europe, while reducing management and supply costs. (overseas website Zhang Qi)