China Tourism Group A/H Listing Early look
China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5-10bn in its H-share listing in Hong Kong.CDF is 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. As per Frost & Sullivan, it had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
As the A-shares are already listed and well covered, we will treat this listing more like a placement rather than an IPO. However, given the large potential size of the listing, we will go into more details than we would for a regular placement. Hence, in this note we will briefly cover the company’s background and recent performance before touching upon the deal dynamics.
China International Travel Service and its subsidiaries are engaged in the provision of travel agent and tour arrangement services; the development of tour package and facilities; the investment in travel services and products; and the sale of duty free merchandise.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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