On August 25, 2022, China Tourism Group Duty Free Corporation Limited (stock code: 601888.SH; “CTG DUTY-FREE”) listed its H shares on the Main Board of The Stock Exchange of Hong Kong Limited in an initial public offering (stock code: 1880.HK). CTG DUTY-FREE raised around HK$16.236 billion in this offering (assuming that Over-allotment Option is not exercised), making it the largest IPO in Hong Kong stock market so far this year. Haiwen & Partners acts as the PRC legal advisor to CTG DUTY-FREE in its IPO.

Established in 1984 and after nearly 40 years of development, CTG DUTY-FREE 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. CTG DUTY-FREE’s worldwide ranking by sales revenue reached the first in both 2020 and 2021, with a 24.6% market share of the global travel retail industry in 2021. CTG DUTY-FREE 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. 

Haiwen, as the PRC legal advisor to CTG DUTY-FREE, has provided an all-round legal service to CTG DUTY-FREE in this IPO, covering due diligence, corporate governance, regulatory approval, information disclosure, etc., with the full support of firm’s fully-integrated offices and legal expertise in different practices. Led by the IPO partners, the Haiwen team together with the client and other professional parties resolved a number of complex legal issues during the process of the IPO. 

This IPO is led by partners Chao HUO, Yi XIAO, Qifei XU, and team members include Chao LI, Bing PAN, Ziyi LIU, Lan SU, Zhen WANG, Yushuang WANG, Yingqi HU and many other associates. Meanwhile, this IPO has been greatly assisted by partners Jiping ZHANG (director of Haiwen), Wei GAO, and Yan FU.