China Tourism Group Duty Free Corporation (01880) fell more than 3% in the afternoon, with a historical low of HKD 50.45. As of writing, it has fallen 3.07%, reported at HKD 50.5 with a transaction volume of HKD 93,503,000.
According to the Zhì Tōng Cái Jīng APP, China Tourism Group Duty Free Corporation (01880) fell more than 3% in the afternoon, reaching a new historical low of HKD 50.45, with its stock price falling nearly 30% in the past month. As of writing, it has fallen 3.07%, reported at HKD 50.5 with a transaction volume of HKD 93,503,000.
According to statistics from Hainan Customs, in May of this year, the actual number of people who purchased duty-free items on Hainan's outlying islands decreased by 16% year-on-year to 418,800. Duty-free shopping sales amounted to RMB 1.974 billion, which represents a YoY decrease of 38.27%. The number of duty-free items purchased also decreased by 38.47% to 2.3088 million. In the first five months of this year, the amount of duty-free shopping sales on Hainan's outlying islands was RMB 16.91 billion, a YoY decrease of 29.57%.
According to Xinda Securities, overall, Hainan's duty-free sales have continued to be under pressure. In May, duty-free shopping on outlying islands continued the downward trend seen in March and April, mainly due to weak consumer buying power and the diversion of outbound tourism. As the crackdown on daigou and weak consumer buying power gradually become reflected in last year's data, the rate of decline may further narrow.