China’s state-backed funds are pulling out of Kweichow Moutai, adding to the woes of the nation’s biggest baijiu liquor maker whose stock has lost more than 40 per cent from its peak five years ago. Central Huijin Investment, a unit operated by China’s sovereign wealth fund, and China Securities Finance were not listed among Kweichow Moutai’s top 10 shareholders at the end of the second quarter, according to the liquor maker’s first-half report. Profits for the distiller fell by 1.95 per cent...