Guizhou Moutai Former Vice President Under Investigation

Log in to Sina Finance App and search for [Disclosure of Information] to see more evaluation levels.

On the afternoon of March 13, a notice from the Guizhou Provincial Commission for Discipline Inspection and Supervision put Guizhou Moutai in the spotlight.

The notice states that Jiang Yan, a member of the Party Committee, deputy general manager, chief financial officer, and secretary of the board of directors of Kweichow Moutai Co., Ltd., is suspected of serious violations of discipline and law and is under disciplinary review and supervisory investigation. On the same day, Guizhou Moutai issued a statement confirming that Jiang Yan has been placed under detention by the Zunyi City Supervision Committee.

Looking at Jiang Yan’s background, this female executive holding three key positions at Moutai is not only a core builder of Moutai’s vast financial empire but also the “official face” of this trillion-yuan enterprise in the capital market.

Image / Visual China

Builder of Moutai’s Financial Empire

Public information shows that Jiang Yan was born in 1977, holds a Bachelor of Law and a Master of Business Administration, and her career is clearly divided into two main phases: banking and Moutai.

In 2001, Jiang Yan joined the Guizhou branch of the Bank of China, serving in roles such as accountant, corporate credit, legal compliance, and risk internal control; in 2012, she participated in the establishment of the Guizhou branch of Industrial Bank, serving as deputy general manager of the business development department. In October of the same year, Jiang Yan joined Moutai Group, beginning a more than ten-year deep association with Moutai.

Within the Moutai system, Jiang Yan’s trajectory clearly points to a core mission: to build and operate a modern industrial financial platform for this white liquor giant with astonishing cash flow. She led the establishment of Guizhou Moutai Group Financial Co., Ltd., serving as its risk director, a company also known as Moutai’s “internal bank.”

Starting in 2014, she led the establishment and management of Moutai Jianxin (Guizhou) Investment Fund Management Co., Ltd. and Moutai (Shanghai) Financial Leasing Co., Ltd. The former is an important platform for Moutai’s external industrial investments, while the latter provides financial services to upstream and downstream of the industrial chain.

In March 2021, she also served as vice chairman of Guiyang Guoyin Financial Leasing Co., Ltd. In November 2021, Jiang Yan was appointed as deputy general manager and chief financial officer of Guizhou Moutai, also acting as secretary of the board. She was officially appointed as secretary in January of the following year. At this point, she held four roles simultaneously: deputy general manager, CFO, secretary of the board, and chairman of the core financial platform of the group.

In August 2025, Guizhou Moutai released a “Risk Assessment Report on Guizhou Moutai Group Financial Co., Ltd.” The report shows that the financial company has a registered capital of 2.5 billion yuan, with main businesses including accepting deposits from member units, granting loans, and bill discounting.

As of June 30, 2025, the financial company’s total assets reached 148.274 billion yuan, total liabilities 136.998 billion yuan, owner’s equity 11.276 billion yuan, with operating income of 1.704 billion yuan and net profit of 634 million yuan.

Additionally, the capital adequacy ratio of the financial company was 23.87%, far above the regulatory standard of 10.5%. The non-performing asset ratio and non-performing loan ratio were both 0. Guizhou Moutai’s deposit balance in the financial company was 19.227 billion yuan, with no loan business and no delayed payments.

Secretary of the Board Rarely Under Investigation

The reason Jiang Yan’s investigation has attracted strong market attention is mainly due to her unique role as “Secretary of the Board.”

The secretary of the board is not merely a “secretary” in name. According to company law and capital market rules, the secretary of the board is a senior management position mandated by law in listed companies and is the only official window for communication between the company and the capital market (including regulators, stock exchanges, investors, and media).

Wu Gangliang, a researcher at the China Enterprise Reform and Development Research Association, told China News Weekly that the secretary of the board is responsible for preparing shareholder and board meetings, document management, shareholder data management, disclosure of information, and investor relations. They are often considered the “face” of the company.

In the A-share market, despite frequent executive changes—data shows that over 800 secretaries of the board left their positions in 2025—cases of secretaries being detained or investigated by supervisory authorities are very rare.

According to incomplete statistics from China News Weekly, at least five listed company secretaries have been detained or investigated by supervisory departments since 2022, with Jiang Yan possibly being the sixth. In comparison, cases involving chairmen or actual controllers being investigated are more common.

Wu Gangliang observed that recent cases of secretaries being detained in A-shares mainly involve financial fraud, information disclosure violations, and unfair related-party transactions—issues related to compliance and internal controls. These are not necessarily personal corruption cases but pose significant risks to the companies.

He further explained that while chairmen bear primary responsibility for information disclosure, secretaries organize and coordinate disclosure matters and are more closely involved in daily governance, especially key internal control points. “If the secretary gets into trouble, it could mean lapses in the company’s information disclosure, financial management, and the operation of the three meetings.”

It is still uncertain how much Jiang Yan’s investigation will impact the company’s daily operations.

Guizhou Moutai emphasized in yesterday’s announcement: “The company’s directors and other senior management are performing their duties normally, production and operations are proceeding smoothly, and the matters announced will not have a significant impact on the company’s production and management. Currently, the chairman, Chen Hua, is acting as secretary of the board.”

Reporter: Yu Yuan

Editor: Chen Yanni