Chipmaker Tops Moutai for Highest Price Tag Among China Stocks

A Chinese laser chipmaker surpassed Kweichow Moutai Co. to become the mainland’s highest-priced stock, highlighting a shift in investor appetite toward advanced technology and away from old economy leaders.

Yuanjie Semiconductor Technology Co.’s shares climbed as much as 9.6% to an all-time peak of 1,439 yuan on Friday. Meanwhile, China’s top distiller slid the most in a year after posting its first annual drop in sales and profit in two decades.