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The End of the Boozy Chinese Banquet Hits Australia’s Largest Winemaker

Treasury Wine Estates’ push back into China has been derailed by a government crackdown on extravagant banquets and tighter grey‑market controls. The winemaker announced it will pull 400,000 cases from China and 500,000 from the United States to regain pricing power. The first half of FY 2026 saw net sales fall 10.1% and earnings plunge 66%, leaving a $650 million post‑tax loss. Treasury has suspended its interim dividend and is accelerating the $100 million‑a‑year TWE Ascent cost‑cutting program.