CHINA. In big breaking news, China Tourism Group Duty Free Corp (China Tourism Group) – parent company of the world’s largest travel retailer, China Duty Free Group (CDFG) – today relaunched its application for a secondary listing on The Stock Exchange of Hong Kong.
The amount to be raised is not mentioned in the draft documentation and the application is still to be approved.
As reported, China Tourism Group – which is already listed on the Shanghai Stock Exchange – postponed its planned secondary listing last December. That decision was linked to difficult capital market conditions driven by the COVID-19 factor and other factors.
The company has been the world’s biggest travel retailer by sales since 2020 according to The Moodie Davitt Report’s annual Top 25 Travel Retailers benchmark report. It ranked just 19th in 2010, an extraordinary transformation underpinned by the explosive growth in the key Hainan offshore duty free market.
“We are a pioneer of China’s duty-free industry,” the company said in its listing application.
CDFG operates 193 stores, including 184 in 100 cities across 28 provinces, municipalities and autonomous regions in China. It also runs nine duty free stores outside Mainland China, including seven (collectively) in Hong Kong, Macau and Cambodia and two cruise duty-free stores.
From 2019 to 2021, China Tourism Group revenue rose at a CAGR of +18.7% with profit showing a +50.8% CAGR. For the years ended 31 December 2019, 2020 and 2021, China Tourism Group revenues reached RMB48,012.6 million (US$7.16 billion); RMB52,597.8 million (US$7.9 billion) and RMB67,675.5 million (US$10.1 billion), respectively.
Net profit for the same years was RMB5,471.1 million, RMB7,109.4 million and RMB12,441.3 million, respectively.
More details to follow.
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