CHINA. China Duty Free Group’s parent company China Tourism Group Duty Free (‘China Tourism Group’) could be set for its much-anticipated secondary listing on the Hong Kong Stock Exchange as early as this week, Reuters IFR reported.
The company is already listed on the Shanghai Stock Exchange.
As reported, China Tourism Group issued a statement on 21 April saying that its Board had approved a proposal regarding preparatory work related to the secondary listing.
According to Reuters IFR, the group aims to pool approximately US$7-10 billion from the additional listing.
Take-up is certain to be strong given China Duty Free Group’s outstanding recent performance, which, driven by the Hainan offshore duty free market, saw it rise to number one in The Moodie Davitt Report’s Top 25 Travel Retailers ranking based on 2020 sales.
