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中國中免開啟招股，你怎麼看？
牛牛新股君
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IPO | China China exemption IPO today and is expected to be listed on August 25

Futu News on August 15$CTG DUTY-FREE (01880.HK)$In the process of offering, the company plans to issue 102.7619 million shares from August 15 to August 18, including a public offering of 5.1382 million shares and an international offering of 97.6237 million shares at an issue price of HK $143.50 to HK $165.50 per share.
Futu News on August 15$CTG DUTY-FREE (01880.HK)$In the process of offering, the company plans to issue 102.7619 million shares from August 15 to August 18, including a public offering of 5.1382 million shares and an international offering of 97.6237 million shares at an issue price of HK $143.50 to HK $165.50 per share. China exemption was founded in 1984, after nearly 40 years of development, has developed into the world's largest tourism retail operator, focusing on selling high-quality duty-free and duty-free goods for domestic and foreign tourists and middle and high-end customers, forming a full range of shopping experience. According to Frost Sullivan, the company's global ranking in terms of sales revenue has risen over the past decade, from 19th in 2010 to 12th in 2015, and to fourth in 2019. And ranked first in the world in 2020 and 2021. In 2021, the company accounts for 24.6% of the global tourism retail market share. China exemption takes tax exemption as the core, develops China's tourism retail business, and strives to expand its global layout. The company is the only retail operator in China that covers fully duty-free sales channels, including port stores, outlying island stores, intra-city stores, cruise stores, on-board stores and foreign ship supply stores. The company has the largest number of duty-free shops in the country. The company's prominent market position depends on China to a large extent.
China exemption was founded in 1984, after nearly 40 years of development, has developed into the world's largest tourism retail operator, focusing on selling high-quality duty-free and duty-free goods for domestic and foreign tourists and middle and high-end customers, forming a full range of shopping experience. According to Frost Sullivan, the company's global ranking in terms of sales revenue has risen over the past decade, from 19th in 2010 to 12th in 2015, and to fourth in 2019. And ranked first in the world in 2020 and 2021. In 2021, the company accounts for 24.6% of the global tourism retail market share.

China exemption takes tax exemption as the core, develops China's tourism retail business, and strives to expand its global layout. The company is the only retail operator in China that covers fully duty-free sales channels, including port stores, outlying island stores, intra-city stores, cruise stores, on-board stores and foreign ship supply stores. The company has the largest number of duty-free shops in the country. The company's prominent market position depends to a large extent on the history and regulatory structure of China's tax-free industry.

As of December 31, 2021, China China exemption is one of nine entity groups holding duty-free business licenses in China, one of five entity groups holding duty-free operation licenses to operate duty-free port shops across the country, and the only group holding a business license to operate all kinds of duty-free shops in China. As of the latest practicable date, the company operates 193 stores, including 184 stores in 100 cities in 28 provinces, municipalities and autonomous regions of China, and 9 overseas duty-free shops, including 7 operating in Hong Kong, Macau and Cambodia and 2 cruise duty-free shops.

Financially, from 2019 to 2021, the company's revenue was 48 billion, 52.6 billion and 67.7 billion yuan respectively, with an annual compound growth rate of 18.72%. Revenue in the first quarter of 2021 and 2022 was 18.1 billion and 16.8 billion yuan, respectively.

From 2019 to 2021, the company's net profit was 5.5 billion yuan, 7.1 billion yuan and 12.4 billion yuan respectively, with a compound annual growth rate of 50.8%. In the first quarter of 2021 and 2022, net profit was 3.4 billion yuan and 2.9 billion yuan, respectively.
Futu News on August 15$CTG DUTY-FREE (01880.HK)$In the process of offering, the company plans to issue 102.7619 million shares from August 15 to August 18, including a public offering of 5.1382 million shares and an international offering of 97.6237 million shares at an issue price of HK $143.50 to HK $165.50 per share. China exemption was founded in 1984, after nearly 40 years of development, has developed into the world's largest tourism retail operator, focusing on selling high-quality duty-free and duty-free goods for domestic and foreign tourists and middle and high-end customers, forming a full range of shopping experience. According to Frost Sullivan, the company's global ranking in terms of sales revenue has risen over the past decade, from 19th in 2010 to 12th in 2015, and to fourth in 2019. And ranked first in the world in 2020 and 2021. In 2021, the company accounts for 24.6% of the global tourism retail market share. China exemption takes tax exemption as the core, develops China's tourism retail business, and strives to expand its global layout. The company is the only retail operator in China that covers fully duty-free sales channels, including port stores, outlying island stores, intra-city stores, cruise stores, on-board stores and foreign ship supply stores. The company has the largest number of duty-free shops in the country. The company's prominent market position depends on China to a large extent.
In terms of industry, the sale of duty-free goods has become an increasingly important part of China's tourism retail market, accounting for 52.2% of China's tourism retail market in 2017, 59.5% in 2021 and expected to reach 73.8% in 2026. China's duty-free market has also become an increasingly important part of the global duty-free market, with its share of the global duty-free market growing from 11.2% in 2017 to 28.8% in 2021, and is expected to further increase to 44.8% by 2026. The following figure shows the size of the duty-free market in China and its share in the global duty-free market from 2017 to 2026.
Futu News on August 15$CTG DUTY-FREE (01880.HK)$In the process of offering, the company plans to issue 102.7619 million shares from August 15 to August 18, including a public offering of 5.1382 million shares and an international offering of 97.6237 million shares at an issue price of HK $143.50 to HK $165.50 per share. China exemption was founded in 1984, after nearly 40 years of development, has developed into the world's largest tourism retail operator, focusing on selling high-quality duty-free and duty-free goods for domestic and foreign tourists and middle and high-end customers, forming a full range of shopping experience. According to Frost Sullivan, the company's global ranking in terms of sales revenue has risen over the past decade, from 19th in 2010 to 12th in 2015, and to fourth in 2019. And ranked first in the world in 2020 and 2021. In 2021, the company accounts for 24.6% of the global tourism retail market share. China exemption takes tax exemption as the core, develops China's tourism retail business, and strives to expand its global layout. The company is the only retail operator in China that covers fully duty-free sales channels, including port stores, outlying island stores, intra-city stores, cruise stores, on-board stores and foreign ship supply stores. The company has the largest number of duty-free shops in the country. The company's prominent market position depends on China to a large extent.
In terms of fund-raising purposes, the company intends to use the net proceeds from the global sale for the following purposes: about 48.8% for strengthening domestic channels, about 22.5% for expanding overseas channels, and about 13.5% for improving the efficiency of the supply chain. About 1.5% is used to upgrade the information technology system, and about 3.7% is used for marketing and further improving the membership system. About 10% is used to supplement working capital and other general corporate purposes.

As for cornerstone investors, the company has entered into cornerstone investment agreements with nine cornerstone investors. The nine cornerstone investors are AMOREPACIFIC Group, China State-owned Enterprise mixed ownership Reform Fund Co., Ltd., China State-owned Enterprise structural Adjustment Fund Co., Ltd., COSCO Shipping (Hong Kong) Co., Ltd., Hainan Free Trade Port Construction Investment Fund Co., Ltd., Luzhou laojiao Co., Ltd., Oaktree Fund, Rongshi International Holdings Co., Ltd., Shanghai Airport Investment Co., Ltd.
Futu News on August 15$CTG DUTY-FREE (01880.HK)$In the process of offering, the company plans to issue 102.7619 million shares from August 15 to August 18, including a public offering of 5.1382 million shares and an international offering of 97.6237 million shares at an issue price of HK $143.50 to HK $165.50 per share. China exemption was founded in 1984, after nearly 40 years of development, has developed into the world's largest tourism retail operator, focusing on selling high-quality duty-free and duty-free goods for domestic and foreign tourists and middle and high-end customers, forming a full range of shopping experience. According to Frost Sullivan, the company's global ranking in terms of sales revenue has risen over the past decade, from 19th in 2010 to 12th in 2015, and to fourth in 2019. And ranked first in the world in 2020 and 2021. In 2021, the company accounts for 24.6% of the global tourism retail market share. China exemption takes tax exemption as the core, develops China's tourism retail business, and strives to expand its global layout. The company is the only retail operator in China that covers fully duty-free sales channels, including port stores, outlying island stores, intra-city stores, cruise stores, on-board stores and foreign ship supply stores. The company has the largest number of duty-free shops in the country. The company's prominent market position depends on China to a large extent.
Futu News on August 15$CTG DUTY-FREE (01880.HK)$In the process of offering, the company plans to issue 102.7619 million shares from August 15 to August 18, including a public offering of 5.1382 million shares and an international offering of 97.6237 million shares at an issue price of HK $143.50 to HK $165.50 per share. China exemption was founded in 1984, after nearly 40 years of development, has developed into the world's largest tourism retail operator, focusing on selling high-quality duty-free and duty-free goods for domestic and foreign tourists and middle and high-end customers, forming a full range of shopping experience. According to Frost Sullivan, the company's global ranking in terms of sales revenue has risen over the past decade, from 19th in 2010 to 12th in 2015, and to fourth in 2019. And ranked first in the world in 2020 and 2021. In 2021, the company accounts for 24.6% of the global tourism retail market share. China exemption takes tax exemption as the core, develops China's tourism retail business, and strives to expand its global layout. The company is the only retail operator in China that covers fully duty-free sales channels, including port stores, outlying island stores, intra-city stores, cruise stores, on-board stores and foreign ship supply stores. The company has the largest number of duty-free shops in the country. The company's prominent market position depends on China to a large extent.
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Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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