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CTG DUTY-FREE sets sail in the A+H era by successful listing on the HKEX

indie
7 minutes

HONG KONG, Aug 26, 2022 - (ACN Newswire via SEAPRWire.com) - In recent years, the concept of duty-free has drawn much attention. As the only retail operator with four duty-free licenses covering all duty-free sales channels, China Tourism Group Duty Free Corporation Limited ("CTG DUTY-FREE", 01880.HK) is undoubtedly a duty-free industry pioneer.On 25 August 2022, China Tourism Group Duty Free Corporation Limited was officially listed and traded on the main board of the Hong Kong Stock Exchange. The issue price was HK$158 per share, and the total amount of funds raised was about HK$16.236 billion. It is reported that CTG DUTY-FREE is the largest IPO in Hong Kong this year, and it has officially become an "A+H" dual-listed company.On the morning of August 26, the listing ceremony of CTG DUTY-FREE was successfully held at the HKEX. The Deputy Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (LOCPG), Mr. Yin Zonghua; the Financial Secretary of the Hong Kong SAR Government, Mr. Paul Chan; the CEO of the HKEX, Mr. Nicolas Aguzin; and other relevant representatives attended the listing ceremony, marking a new step for CTG DUT...

SeaPRwire

People are flying to nowhere just to shop duty free during Covid-19

elean
5 minutes

SEOUL (BLOOMBERG) - Last month, Hyun Jung-a boarded a flight from South Korea's Incheon Airport. Around two hours later, she was back in the same airport and loading up on duty-free shopping, despite never landing in another country. The Air Busan flight, organised by Lotte Duty Free for its VIP customers, was Ms Hyun's first since the pandemic began and it didn't cost her a cent. Because the route briefly departed Korean airspace and went over a Japanese island, the 130 passengers on board qualified to shop at duty-free stores in Seoul typically reserved for people who have travelled internationally. Destination-less flights like these are an attempt by duty-free operators to salvage an industry decimated by Covid-19. Before the virus, business was booming - the global duty-free market was worth US$85 billion (S$112.7 billion) in 2019 and on track to reach US$139 billion by 2027, according to Verified Market Research. Sales plunged as countries restricted international travel. Globally, only 1.8 billion people took scheduled flights last year compared with 4.5 billion in 2019, the International Civil Aviation Organisation has said. Annual revenue for Swiss duty-free giant Dufry, w...