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Trade Deals, Imports Shifts and Profits Slide

Trade Deals, Imports Shifts and Profits Slide

JD.com Super's Top 10 Wine Brands/ Penfolds lawsuit/China threatens tariff on French wine

Natalie Wang
March 03, 2026

Hello everyone and happy Lantern Festival.

As we welcome the Year of the Horse, we hope for prosperity, resilience and - perhaps most of all - a quieter year ahead. The barrage of headlines flooding our notifications each day has made one thing clear: volatility is now the norm.

Against that backdrop, the wine trade in Asia is shifting in ways that demand attention.

Over the past two weeks, we have published a series of deep-dive reports on wine imports in Hong Kong, Taiwan and India - markets moving in very different directions, each revealing something important about where regional demand is heading.

We have also taken a closer look at corporate performance, analysing the latest financial results from Pernod Ricard, Treasury Wine Estates, Diageo and China’s Changyu — stories that go beyond earnings to examine structural pressures, strategic pivots and market recalibrations.

There is also positive movement. Thailand is preparing to dismantle its long-standing “sole agent” system for wine imports, a reform that could reshape competition and pricing transparency. South African producers will soon begin exporting wine to China tariff-free from May 1. And Treasury Wine Estates has secured a long-awaited legal victory in its fight against the copycat brand Rush Rich.

More developments across China and Asia are unfolding. Stay with us — and subscribe to access our full analysis and exclusive reporting.

China to Grant Zero Tariffs on South African Wine From May 1

China will formally implement a zero-tariff policy for 53 African countries starting May 1, setting a clear timeline for South African wine to enter the Chinese market duty-free.

Penfolds and Lafite Dominate JD’s 2025 Wine Sales But Non-Alcoholic Brand Cracks Top 5

China’s e-commerce giant JD.com has unveiled its 2025 wine sales rankings — and while heavyweight names like Penfolds, Changyu, Great Wall and DBR Lafite sit comfortably at the top, one surprise entry is turning heads: a non-alcoholic wine brand that stormed into fifth place. Here are the top 10 most popular wine brands on the e-commerce platform.

$80M Booze Bust: Chinese Smuggling Ring Caught Sneaking Half a Million Bottles Across Border

A massive cross-border booze smuggling ring has been busted in southern China after authorities seized more than half a million bottles of wine and premium spirits worth over RMB 575 million (US$80 million).

Penfolds Wins $10 Million in China Trademark Battle Over “Copycat” Brand

Treasury Wine Estates has scored a major courtroom victory in China, winning more than $10 million in damages after a years-long fight against a wine brand accused of mimicking its iconic Penfolds label.

China’s Leading Italian Wine Importer Acquired by Ethica Wines

Interprocom, one of China’s best-known Italian wine operators, has announced that it will join the Ethica Wines Group, marking a new phase in its development.

Taiwan GDP Hits 15-Year Peak as Wine Imports Drop for Third Straight Year in 2025

Taiwan's customs data for wine imports is out, and the data shows that sparkling leads decline while France holds dominance and white wine suppliers show resilience.

Chinese State Media Signals Possible Anti-Dumping Probe Into EU Wine

A Chinese state media-affiliated social media account has suggested that Beijing could launch anti-dumping and anti-subsidy investigations into European Union wines, particularly those from France, in response to a French advisory body’s proposal that the EU impose a blanket 30% tariff on Chinese goods.

Hong Kong’s Wine Imports Stabilise in 2025 after 3 Years of Decline

Hong Kong’s wine imports showed early signs of stabilisation in 2025, with import value edging higher after three consecutive years of decline, though still well below 2021's peak.

Diageo Denies Plans To Sell China Baijiu Business

Diageo denied speculation that it is preparing to sell its Chinese baijiu business after reporting weaker first-half results and cutting its dividend, as sharp declines in China continued to pressure drinks giant.

Pernod Ricard Sales Slump Deepens in China As Cognac Demand Weakens

French spirits maker Pernod Ricard reported declines in both sales and profit in the first half of its 2026 fiscal year, with sharp contractions in China and the United States weighing on overall performance.

TWE Posts Biggest Half-year Net Loss Since Listing

Australian wine producer Treasury Wine Estates reported its largest half-year net loss since listing, citing weaker conditions in the United States and China and the impact of measures to curb parallel imports.

Changyu’s 2025 Net Profit Hit Record Low, Plunging More Than 80%

Changyu, China’s largest domestic wine producer, expects its net profit attributable to shareholders to fall 75.43% to 81.98% year on year in 2025, a drop that would push annual earnings to their lowest level since the company’s stock market listing.

China’s Instant Retail Giant Meituan Buys Dingdong Fresh for $717 Million

China’s largest instant retail platform, Meituan, has completed its acquisition of Dingdong Fresh, a fresh-focused instant e-commerce operator, in a deal valued at approximately US$717 million.

Which Countries Lead India’s Wine Imports in 2025?

New FTAs with New Zealand, the EU and US are reshaping one of the world’s most protected alcohol markets even though its wine imports in 2025 trail far behind smaller markets such as Malaysia.

China’s Top 100 Importers

The 237-page report offers an in-depth analysis of regional dynamics and market opportunities across North China, Northeast China, East China, South Central, Southwest, and Northwest China. It identifies the top 100 wine importers currently operating in mainland China. This regional breakdown provides a clear picture of where market influence is concentrated—and how each part of the country is shaping the growth and transformation of wine consumption in China.

Thailand To End “Sole Agent” Rule for Imported Wine

Thailand will abolish a long-standing rule that allowed only one importer to represent each wine brand in the country, a move aimed at increasing competition and lowering prices in the market.