CHINA. China Tourism Group Duty Free Corporation (China Tourism Group) has postponed its planned secondary listing on the Hong Kong Stock Exchange due to difficult capital market conditions.
The China Duty Free Group parent company, which is listed on the Shanghai Stock Exchange, said in a statement issued today (4 December) by the Board of Directors, “At present, given the highly impacted global economy and sluggish capital market caused by COVID-19 and other factors, the Company has decided to suspend the listing of H-shares [foreign shares -Ed]. Follow-up arrangements will be subject to market conditions.”
China Tourism Group noted that backed by strong support from domestic and overseas regulators, shareholders, and all sectors of society, it had completed all relevant preparation for the listing, including obtaining the necessary domestic and overseas regulatory approvals.
The board thanked potential investors for their trust in the company and their recognition of its development strategy.
Buoyed by its dominance in the Hainan offshore duty free sector, China Duty Free Group continues to trade strongly and will finish 2021 with its market leadership as the world’s number one travel retailer increased over 2020, according to The Moodie Davitt Report.
