China Tourism Group Duty Free Corporation (01880) fell sharply near midday and early gains of nearly 1% were erased. As of press time, it fell by 1.89%, and closed at HKD 49.2, with a turnover of HKD 24.2531 million.
According to statistics from Haikou Customs, the actual number of people who purchased duty-free goods on Hainan's outlying islands in July this year was 370,000, a decrease of 20.7% year-on-year; the amount of duty-free shopping was RMB 1.676 billion, down 35.9% year-on-year; and the number of duty-free shopping items was 2.059 million, down 35.1% year-on-year. In the first seven months of this year, the amount of duty-free shopping on Hainan's outlying islands was RMB 20.132 billion, down 30.4% year-on-year.
China Securities Co., Ltd. pointed out that since the summer, the sales of duty-free goods on Hainan's outlying islands are still under pressure, but it is expected that as the sales base in the same period last year gradually returns to normal, the overall sales and sales decline of Hainan's duty-free shops are expected to narrow compared to the same period last year, and China Tourism Group Duty Free Corporation's semi-annual performance has basically met expectations. In addition, MSCI announced earlier the results of its quarterly index review, in which China Tourism Group Duty Free Corporation was removed from the MSCI China Index. The adjustment will take effect after the close on August 30.
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