ProMEX, a Hong Kong-based online platform to trade physical commodities, has launched its trading platform last week, with its first trading commodity being China’s most famous national liquor, Moutai.
“This marks also the first and only online platform globally to discover prices and trade liquor in a transparent and efficient manner,” ProMEX says in a press release.
Moutai, the highly sought-after Chinese liquor, has made its maker Kweichow Moutai, the most valuable liquor company in the world with a market capitalization of US$315 billion, which is bigger than the combined value of global distillers ABInBev , Diageo and Heineken.
The preferred tipple at banquets, family gathering and business dinners, Moutai also emerged as an investment vehicle with its bullish stock price and high value. Mainland China remains its biggest market but the liquor’s allure goes beyond China, according to ProMEX.
“The product has a great global following with an annual consumption of about three million bottles ex- mainland China at an estimated value of US$ 1.5 billion,” it says.
ProMEX, a start-up Fintech company in Hong Kong, provides “direct, real-time trading without intermediaries or clearing houses and eliminates settlement risk for its users”, the company explains. This shortened settlement cycle also reduces counterparty risks, it adds.
“We are very excited about this historic day. ProMEX brings simplicity and efficiency to trading commodities, all from an intuitive mobile application. Following today’s opening, users can buy, hold, sell, make or take delivery in Moutai, without having to organize logistics or set up a storage facility. Users can simply download the app from their preferred app store to join the platform,” said Mark Ho, Co-Founder & CEO of ProMEX.
Besides Moutai, the platform, regulated by Hong Kong’s Customs and Excise Department, says it will also develop other physical commodities including “green” products to promote sustainability among the relevant industry users.
