U.S. health secretary's warning sends shivers down investors' spines, triggering a massive sell-off in Asia's liquor stocks.

After the US health secretary outlined a direct link between drinking alcohol and increased cancer risk and called for warning labels, shares of Asian drinks and beer makers fell.Sapporo Holdings shares in Tokyo fell 5.15% on Monday, the biggest drop in five months, while Wuliangye (000858.SZ) A-shares dropped 3.38%, AB InBev (01876) Hong Kong shares dropped 2.91%, and Treasury Wine Group (TWE) shares in Australia fell 2.48%."Markets are responding to the potential for health warnings on alcoholic drinks and cancer risk in the US with a 'hoot first, ask questions later' approach," Jefferies Financial Group analyst Edward Mundy wrote in a note.The news led to a broad sell-off in US alcohol stocks on Friday, with Molson Coors (TAP.US) down more than 3% and Anheuser-Busch (BUD.US) down more than 2%."As many now believe that alcohol warning labels and brand marketing regulations will become stricter, just like what happened to the tobacco industry 30 years ago," Amir Anvarzadeh of Asymmetric Advisors said. However, he added that the stock market's decline may be temporary, as any regulatory changes may take years to take effect.Sapporo may be the most vulnerable stock in Japan after strong actions to optimize assets in recent years, Anvarzadeh said. The company's shares have almost doubled since the end of 2020.