China’s largest duty-free group stages Hong Kong listing despite zero-Covid
Travel retail giant China Tourism Group Duty Free has raised $2.1bn in a downsized Hong Kong share offer, as a sweeping Covid-19 lockdown in the tropical island province known as “China’s Hawaii” wreaked havoc on the company’s biggest market.
旅游零售巨头中国旅游集团中免股份（China Tourism Group Duty Free，简称：中国中免）在香港的一次缩减规模的股票发行中筹集了21亿美元。新冠疫情导致有“中国夏威夷”之称的海南省实施大范围封锁，给该公司最大的市场造成重创。
The world’s largest retailer of tax-exempt wine, cosmetics and luxury goods priced 102.8mn shares at HK$158 (US$20.14) each, coming in well below a maximum offer price of HK$165.5 and marking a discount of more than 27 per cent on the closing price of the duty-free group’s Shanghai-listed shares on Thursday.
That reduction also came as CTG’s Shanghai stock has dropped almost 10 per cent over the past month. The company, which has a near-monopoly on the Chinese market, also sells tax-exempt goods domestically.