Shares of China’s liquor giant Kweichow Moutai hit 551.25 yuan (US$83.67) on Thursday, the first time it exceeded the 550 yuan mark and a new record high, the China Securities Journal reported.

Moutai, which makes the Chinese grain liquor baijiu, saw its market value hit 683.48 billion yuan after closing on Thursday in Shanghai.

The market value exceeds China’s heavily weighted enterprises such as Sinopec and SAIC, and is even higher than major banks, including China Merchants Bank and the Bank of Communications.

In April, the Chinese premium alcohol giant had unseated Johnnie Walker’s producer Diageo as the world’s most valuable liquor company.

Analyst believe the rise is led by a return of Chinese thirst for so-called “liquid luxury,” despite President Xi Jinping’s ongoing frugality campaign, the report said.