ASC Fine Wines toasts 30 years: ‘The best is yet to come’
Shanghai-based importer ASC Fine Wines examines the future of wine in China while celebrating 30 years of building relationships and portfolio strength. Rebecca Lo reports.
ASC Fine Wines welcomed more than 50 international winemakers, leaders and estate owners to Shanghai to fete its 30th anniversary as one of China’s leading wine importers and distributors.
Held from 29 to 31 May, the celebration kicked off with a welcome dinner at Mr & Mrs Bund. The following days at St. Regis Shanghai Jingan included a leadership symposium, gala dinner and tastings of more than 1,200 wines spanning ASC’s entire portfolio.
The atmosphere was buoyant as ASC and its partners sought to write its next chapter in a rapidly evolving market.
‘The future belongs to those willing to evolve’
Founder and CEO Don St. Pierre Jr. stated in his keynote address at the symposium: “What we are witnessing is a structural reset, not a normal cyclical slowdown. Structural resets are uncomfortable. Old assumptions stop working before new models are fully understood.”
In the three decades since ASC was first established, St. Pierre witnessed China developing from a country with no wine culture or distribution network into the world’s second largest consumer market. Yet with consumption in China only 38% of GDP versus 68% in the US, he observed that Chinese consumers are now cautious.
“In a world shaped by AI and digital isolation, authentic human experiences become more valuable,” he said. “The future belongs to those willing to evolve.”
Shifting goalposts
The question of ‘Structural Reset or Cyclical Adjustment?’ featured panellists Marchesi Frescobaldi’s Lamberto Frescobaldi, Établissements Jean-Pierre Moueix’s Edouard Moueix, Hill-Smith Family Estates’ Karl Martin, and AXA Millésimes’ Christian Seely sharing their insights.
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“The future belongs to producers who build genuine consumer relationships through authenticity, terroir and storytelling,” said Seely, reinforcing St. Pierre’s direction of evolution over nostalgia.
The second panel was moderated by Vino Joy’s Natalie Wang and examined ‘China’s Consumption Shift: From Status to Experience’. Panelists included Fudan University’s Dr. Deqiang Zou, WBO’s Jeff Yang, CFNA Wine Sub-Chamber’s Xuwei Wang, and Kaannan Winery’s Fang Wang, with the latter noting: “Consumption hasn’t changed – only the target: from ‘others’ to ‘self’.”
The limits of AI
Harvard University’s Dr. Xiao-li Meng moderated the third panel on ‘Technology, Data and the China Digital Ecosystem’ featuring comments by Shanghai Jiao Tong University’s Dr. Xianwei Shi, social commerce pioneer Xiao Pi and Loyal Valley Capital’s Lisa Ye. From an investor’s perspective, Ye said: “AI is a multiplier of tradition, not a replacement”, explaining that AI cannot replace emotional connection or cultural storytelling.
The gala dinner on 30 May included visiting producers that brought and poured their rarest bottles for ASC’s VIP guests.
The final event dubbed ‘One Glass a World’ on 31 May was a chance for 1,000 wine lovers, customers, on-trade and influencers to taste more than 1,200 wines from 100 producers. It also allowed owners and winemakers the opportunity to experience firsthand how wine appreciation has grown in China.
Long-term planning
Since the St. Pierre family resumed ownership in June 2025 following Suntory’s majority control from 2009, ASC began implementing a plan focused on technology, service and experience. It stressed that family ownership will allow for long term planning suitable for a structurally changing market.
“For those committed to this market and invest in its future,” said Monica Xu St. Pierre, lead director with ASC, “the opportunities are real. We are grateful to our winery partners, our customers, and Chinese consumers for three decades of trust. The best is yet to come.”
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