Penfolds maker Treasury Wine Estates has been dumped by investors over fears that the premium wine brand is losing its appeal with Chinese drinkers, after the company scrapped its full-year earnings guidance and pressed pause on a $200 million buyback.

Treasury’s shares fell to a 10-year low (down 15 per cent) on Monday after it told the market that its latest data had shown Chinese drinkers were holding back from spending on drinks during the mid-autumn festival season, which had taken a toll on its earnings forecast.

It’s the biggest drop in Treasury’s share price since the COVID pandemic, and the closing price of $5.93 was the lowest point the shares have hit since September 2015. Treasury’s shares are now down over 47 per cent for the year.

China is a major market for Treasury. Penf

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