SHANGHAI, Nov 1 (Reuters) -

Shares in China's liquor giant Kweichow Moutai opened up 9.8% on Wednesday after the company said it would raise ex-factory prices of some of its fiery spirits an average of 20% from Wednesday.

The ex-factory price of the potent, clear spirit known as the national liquor of China has been increased to more than 1,160 yuan , according to a Reuters calculation.

The last time Kweichow Moutai increased its ex-factory prices was in 2018, when it lifted the price of its most potent Moutai by 18% to 969 yuan a bottle.

Distilled in the town of Maotai in the southwest province of Guizhou, the liquor has long been a must-have beverage at luxury banquets in China.

The company said the ex-factory adjustment should not impact the guideline retail price of 1,499 yuan for a 500 ml bottle.

The ex-factory price increase is expected to bring additional income of 7 billion to 7.8 billion yuan to the distiller, while profit will increase by 4.3 billion to 4.8 billion yuan, according to a TF Securities research note for clients.

"(The price adjustment) might spur demand for high-end liquor as a whole," the report said.

The jump in the index heavyweight also lifted the benchmark index CSI 300, which rose 0.9% at the open.

($1 = 7.3180 yuan) (Reporting by Jason Xue, Sophie Yu and Casey Hall; Editing by Tom Hogue)