According to the Securities Times, at the end of the fourth quarter of last year, Jinhui Rongsheng and Ruifeng Huibang held 7.92 million shares and 6.75 million shares of Kweichow Moutai respectively. The market value of their holdings at the end of the period was 13.674 billion yuan and 11.652 billion yuan, respectively. However, at the end of the first quarter of this year, these two private equity firms chose to sell off, and both withdrew from Kweichow Moutai's list of top ten tradable shareholders, not even ruling out that they had already cleared their positions. Kweichow Moutai held the two major private equity positions mentioned above for 5 years, and now the stock has chosen to leave the market after continuing to fluctuate at a high level. Previously, some investors suspected that the holder behind these two “mysterious” private equity firms was Duan Yongping, and Duan Yongping once responded on social platforms that “Kweichow Moutai was not sold.”