Coverage and exclusions
BoomCellar indexes 22 listed wine companies across 13 countries. It tracks 29 more across 14 countries that it does not index. This page is the record of which, and why.
The inclusion rule
More than 50% of revenue from selling wine.
It admits
- Producers — companies that grow, make and sell wine.
- Merchants and retailers — companies whose revenue is the sale of wine they did not produce.
It excludes
- Suppliers to the wine industry — barrels, corks, glass, equipment. Their customer is the winery, not the wine drinker. Tracked separately as the COOPER indicator.
- Spirits, beer, cider and soft drinks — including Chinese baijiu and huangjiu (rice wine), which are not made from grapes.
- Diversified drinks groups where wine is a minority of revenue, however large the wine business is in absolute terms.
- Fortified wine — port, sherry, madeira — is wine.
- De-alcoholised wine is excluded from the numerator, and any constituent where that materially changes the result says so.
Diversified drinks groups: how much wine is actually in them
Methodology →The most common question about any wine index is why the large drinks groups are not in it. The answer is the same for all of them and it is a number, not a judgement: the highest wine share among them is under a tenth of revenue.
| Company | Ticker | Wine share | Basis |
|---|---|---|---|
| Compañía Cervecerías Unidas | CCU | 9.50% | Wine is CLP 276,489m of CLP 2,909,625m in revenue. |
| Constellation Brands | STZ | ≤ 9.00% | A ceiling: the figure is the combined Wine and Spirits segment, and wine alone is not disclosed. |
| Pernod Ricard | RI.PA | ≤ 10.0% | A ceiling, not a wine figure: the residual also covers ready-to-drink, champagne and rosé. |
| VATS Liquor | 300755.SZ | 6.83% | Wine is RMB 402.55m of RMB 5,895m in revenue. |
| LVMH | MC.PA | 3.82% | Champagne and wines are €3,087m of €80,807m. The whole Wines and Spirits division is 6.6%. |
| Diageo | DGE.L | 0.00% | The wine business was sold to Treasury Wine Estates in 2016. Its 34% stake in Moët Hennessy is LVMH's revenue, not Diageo's. |
| Altria | MO | 0.00% | Ste. Michelle was sold in October 2021, and wine is not mentioned in the FY2025 annual report. |
| China Foods | 0506.HK | 0.00% | COFCO Wines and Spirits was sold in 2017. The company is now a Coca-Cola bottler, though it is often still listed as the owner of Great Wall. |
Largest wine company that cannot be indexed at any threshold: Sogrape (Portugal, €336m). Privately held and almost entirely wine. Portugal has no listed wine company at all.
Eligible, awaiting the next reconstitution
5 companiesWeilong Grape Wine 603779.SS
Shanghai · ChinaMeets the inclusion rule on every test applied so far. Awaiting the next scheduled reconstitution.
Gansu Mogao Industry Development 600543.SS
Shanghai · ChinaOne of five listed A-share grape-wine producers. Meets the inclusion rule on every test applied so far; awaiting the next scheduled reconstitution.
CITIC Niya Wine 600084.SS
Shanghai · ChinaRenamed from CITIC Guoan, which is why it is often missed on older lists. Meets the inclusion rule on every test applied so far; awaiting the next scheduled reconstitution.
Dynasty Fine Wines Group 0828.HK
HKSE · China/Hong KongA listed grape-wine producer with a verified share count. FY2025 revenue was HK$170.0m, down 37% year on year.
Virgin Wines UK VINO.L
LSE AIM · United KingdomA direct-to-consumer wine retailer, which the inclusion rule admits. Meets the rule on every test applied so far; awaiting the next scheduled reconstitution.
Also quoted as 3RW.F — secondary lines, not used for pricing.
Held — the share count is not published
4 companiesCarmel Corp CRML.TA
Tel Aviv · IsraelQuoted in agorot rather than shekels, and its share count is not published in a form the index can use. Both are needed before admission.
Viña Santa Rita SANTA-RITA.SN
Santiago · ChileA major Chilean producer. Awaiting a published share count before admission.
Viñedos Emiliana EMILIANA.SN
Santiago · ChileAn organic and biodynamic Chilean producer. Awaiting a published share count before admission.
Scheid Vineyards SVIN
OTC · USATrades over the counter. Awaiting a share count and a tradability check.
Held — too thinly traded to weight
8 companiesPT Hatten Bali Tbk WINE.JK
Indonesia Stock Exchange · IndonesiaGrape wine is 94.74% of revenue, so the company meets the inclusion rule. It is not indexed on tradability: the free float is 17.70% and average daily turnover is roughly USD 5,000, too thin to carry an index weight.
Tonghua Grape Wine 600365.SS
Shanghai · ChinaCarries the Shanghai exchange's ST prefix, a delisting-risk warning. Not admitted while that flag stands.
China Tontine Wines Group 0389.HK
HKSE · China/Hong KongResumed trading in February 2026 after an 18-month suspension and has traded no volume since. A listing with no turnover cannot be priced.
Grace Wine Holdings 8146.HK
HKSE GEM · China/Hong KongListed on the Hong Kong GEM board. Turnover is too thin to carry an index weight.
China Ouhua Winery 5188.KL
Bursa Malaysia · MalaysiaA distressed micro-cap. Not admitted on tradability.
Lombard & Medot MLCAC.PA
Euronext Paris · FranceA Champagne house with 489,000 shares outstanding and a market value near EUR 8m. Too small to carry a meaningful index weight.
Sektkellerei J. Oppmann 1SK.MU
Munich · GermanyA sparkling-wine producer with 36,000 shares outstanding, the smallest listing in the sector and well below any tradability threshold.
Diamond Estates Wines & Spirits DWS.V
TSX Venture · CanadaIn category and genuinely traded, but held on its credit position: the bank facility matures on 30 October 2026 after nine amendments, and Lassonde holds a controlling stake.
Also quoted as 4WS0.F, DWWEF — secondary lines, not used for pricing.
Held — the company does not disclose enough to test
4 companiesWine's Link International 8509.HK
HKSE GEM · Hong KongA wine merchant rather than a producer, which the inclusion rule admits. Awaiting a published revenue split.
Hawesko Holding SE HAW.DE
XETRA · GermanyA wine retailer and distributor, which the inclusion rule admits. Awaiting a published revenue split before admission.
Anora Group ANORA.HE
Nasdaq Helsinki · FinlandA wine and spirits group. The revenue split needed to test the 50% rule has not been published.
Held — no data feed reaches the exchange
1 companyThang Long Wine VTL.HN
Hanoi (HNX) · VietnamListed on the Hanoi exchange, which the price feed does not reach.
Supplies the wine industry, rather than selling wine
3 companiesTFF Group TFF.PA
Euronext Paris · FranceMakes oak barrels for wineries. Its customer is the winery rather than the wine drinker, so it falls outside the inclusion rule. Tracked instead as part of the COOPER indicator.
Oeneo SBT.PA
Euronext Paris · FranceMakes wine closures and barrels through Diam and Seguin Moreau. A supplier to wineries rather than a seller of wine. Tracked as part of the COOPER indicator.
Verallia VRLA.PA
Euronext Paris · FranceA glassmaker, with 42% of revenue from wine and sparkling bottles. A supplier to wineries rather than a seller of wine.
Below the 50% rule
2 companiesCorby Spirit and Wine CSW-A.TO
Toronto · CanadaOwned brands are principally whisky, rum, vodka and liqueurs. Even counting every agency commission as wine, the ceiling is 12.4% of revenue.
Also quoted as CSW-B.TO — secondary lines, not used for pricing.
Compañía Cervecerías Unidas CCU
NYSE · ChileWine is 9.50% of revenue. That is the highest share of any diversified drinks group checked, and still far below the rule.
Not grape wine
2 companiesZhejiang Guyuelongshan Shaoxing Wine 600059.SS
Shanghai · ChinaProduces huangjiu, or Shaoxing rice wine, which is not made from grapes. Grape wine is not mentioned anywhere in the company's 2025 annual report.
Shanxi Xinghuacun Fen Wine Factory 600809.SS
Shanghai · ChinaProduces baijiu, a distilled spirit. Grape wine is not mentioned anywhere in the company's 2025 annual report.
Every row above is a dated observation with its source named. Where a company does not publish the split its rule turns on, this page says so rather than estimating it. Editorial research, not investment advice.