Investors in Treasury Wine Estates caution that the Penfolds owner’s re-entry into the Chinese market could take longer than some bulls expect, despite a review that could spell the end of China’s punishing tariffs on Australian wine exports.

Under a new deal announced by Prime Minister Anthony Albanese over the weekend, Chinese officials are set to carry out an “expedited” five-month review of the tariffs, a similar process to the one that ultimately deleted the impost on barley exports earlier this year.