It’s a comeback story worthy of a Hollywood blockbuster. Three years ago, China’s once all-powerful liquor maker Kweichow Moutai looked to be on the ropes. President Xi Jinping’s anti-corruption campaign had dealt a vicious blow to the country’s most famous spirit brand—for years a staple on every government banquet table—and the company’s profits and share price had taken a hammering. By January 2014, Moutai’s shares were worth just over RMB 119 ($18.31) per share—a fall of 50% in 14 months. With no end to the crackdown in sight, some questioned whether the legendary distiller would ever recover.