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Treasury’s shares have risen by more than 20% in the past year and have recovered about half of the ground they lost when the company was stripped overnight of its largest export market.

Treasury Wine Estates is much changed since Beijing g tariffs of up to 212% on Australia’s wines.

Treasury Wine Estates CEO Tim Ford was adamant that TWE would not regard the Peoples’ Republic as closed forever, hence the shipments from the US and Europe as well as developing vineyards in China itself.

But he has cautioned that the market would only reopen gradually once the tariff penalties were lifted.

There are tentative signs that a rapprochement could occur, with some saying the thaw could begin as early as next month, especially as Australia has “frozen” its complaint to the World Trade Organisation about China’s tariff penalties on a range of goods.