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Aaronnz
2021-11-17

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China Duty Free Gets HKEX Approval for $5 Billion Share Sale

(Bloomberg) -- China Tourism Group Duty Free Corp., the world’s largest travel retailer, has receive

China Duty Free Gets HKEX Approval for $5 Billion Share Sale

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The Beijing-based firm’s stock has slumped about 40% from its Feb. 10 record, giving it a market value of about $71 billion.\nIFR first reported the outcome of the hearing. A representative for CTG Duty Free declined to comment, while a spokesperson for Hong Kong Exchanges & Clearing Ltd. said they can’t comment on individual companies.\nAt $5 billion, the IPO would be this year’s second biggest in Hong Kong, after Chinese short-video company Kuaishou Technology’s initial public offering which raised $6.2 billion in the first quarter, according to data compiled by Bloomberg.\nFounded in 1984, China Tourism Group Duty Free has established over 240 retail stores in China and abroad, according to its website. 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