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01880 中國中免
Listing Date2022/08/25
Listing Price158.000
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China Tourism Group Duty Free Corporation established in 1984, it has become the largest travel retail operator in the world primarily focusing on sales of high-quality duty-free and duty-paid merchandise to domestic and international travelers and mid- to high-end customers, forming an all-round shopping experience. According to Frost & Sullivan, its worldwide ranking by sales revenue with a 24.6% market share of the global travel retail industry in 2021.

The Group have developed China’s travel retail business with duty-free as its core strength and seek to increase its global presence. It is the only retail operator in China covering all duty-free sales channels (which include port stores, offshore stores, downtown stores, cruise stores, inflight stores and ship-supply stores).

As of 5 Aug 2022, the Group operated 193 stores, including 184 stores in 100 cities across 28 provinces, municipalities and autonomous regions in China. It also operates nine duty-free stores overseas, including seven in Hong Kong, Macau and Cambodia and two cruise duty-free stores. Its merchandise primarily includes mid- to high-end perfume and cosmetics, fashion and accessories (such as watches, jewelry, clothing and accessories), tobacco and liquor, food and miscellaneous goods.

MarketHong Kong (Main Board)
Business NatureRetailers
Major Business AreaChina
Board Lot100
No. of Offer Shares102.76M H shares
No. of International Offer Shares97.62M H shares
No. of HK Offer Shares5.14M H shares
Offer Price$143.50 - $165.50
Stock Code1880
Sponsor(s)China International Capital Corporation Hong Kong Securities Limited, UBS Securities Hong Kong Limited
Underwriter(s)China International Capital Corporation Hong Kong Securities Limited, UBS AG Hong Kong Branch, CCB International Capital Limited, CLSA Limited, Haitong International Securities Company Limited, ABCI Securities Company Limited, BOCI Asia Limited, BOCOM International Securities Limited, CMB International Capital Limited, China Securities (International) Corporate Finance Company Limited, DBS Asia Capital Limited, Guotai Junan Securities (Hong Kong) Limited, ICBC International Securities Limited, China Galaxy International Securities (Hong Kong) Co., Limited, Soochow Securities International Brokerage Limited
Application PeriodAug 15 (Mon) - noon, Aug 18 (Thu)
Price Determination DateAug 18 (Thu)
Result Announcement DateOn or before Aug 24 (Wed)
Result Announcement DateOn or before Aug 24 (Wed)
Dealings in Shares commence onAug 25, 2022. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer7.5%10%20%
Sales Statistics (HKD)
Offer Price$143.50 - $165.50
Capitalization (H Shares)14.75B - 17.01B
NAV / share ($)$24.48 - $25.57 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 154.5, the net proceeds raised would be HKD 15.54B, of which
48.8% : Reinforce domestic channels including invest in the duty-free stores in key airports and other port duty-free stores
22.5% : Expanding overseas channels including open downtown stores overseas
13.5% : Improve supply chain efficiency in developing logistics centers
1.5% : upgrade information technology system
3.7% : For marketing and further improve customer loyalty program
10% : Working capital
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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