[自贸港英语]2025年，离岛免税销售额3000亿

背景新闻：中免6月25日向港交所递交了H股发行上市的申请并刊发申请资料。据招股书显示，本次发行H股拟募集资金用于拓展渠道、促进产业链延伸、改善供应链效率、升级信息技术系统、市场推广和完善会员体系以及补充流动资金等。

China Tourism Group Duty Free, the world’s largest travel retailer by sales, is hoping to capture a slice of the growing multibillion-dollar spending by Chinese consumers in the offshore tax-free shopping zone on Hainan island.
中国旅游集团中免，全球销售额最大的旅游零售商，希望从中国消费者在海南岛离岸免税购物区不断增长的数十亿美元消费中分一杯羹。

China Tourism filed its listing application with the Hong Kong stock exchange in June, and aimed to make its debut this quarter, people familiar with the matter said. The application is still awaiting approval of the Hong Kong stock exchange’s listing committee.
知情人士称，中国旅游集团于 6 月向香港证券交易所提交了上市申请，并计划在本季度首次亮相。该申请仍在等待香港联交所上市委员会的批准。

With government policies directed at boosting Hainan’s offshore duty-free sector, China’s southernmost province is developing into a shopping destination, with retail revenues forecast to grow to US$46.5 billion by 2025. This will help Hainan compete with Okinawa in Japan and Jeju in South Korea, the only other islands in Asia with similar offshore duty-free markets, analysts said.
随着政府旨在促进海南离岸免税行业的政策，中国最南端的省份正在发展成为一个购物目的地，预计到 2025 年零售收入将增长至 465 亿美元（3000亿人民币）。这将有助于海南与日本的冲绳和韩国的济州展开竞争，作为亚洲唯一具有类似离岸免税市场的另一个岛屿，分析师表示。

As international travel has yet to take off because of travel restrictions amid the Covid-19 pandemic, Chinese tourists who traditionally visit duty-free stores overseas have since turned to Hainan as an alternative, China Tourism Group said in its filing.
由于疫情期间的旅行限制，国际旅行尚未起飞，因此传统上前往海外免税店的中国游客已转向海南作为替代选择，中国旅游集团在其文件中表示。

“We have captured the core offshore duty-free sales channels in Hainan, including Haikou and Sanya airports, [and its] core downtown areas,” the company said.
“我们已经占领了海南的核心离岸免税销售渠道，包括海口和三亚机场，[及其]核心市区”，该公司表示。

Chinese residents spent over 700 billion yuan (US$108.4 billion) on duty-free and duty-paid products overseas in 2019, about 14 times the spending on China’s duty-free market during the same year, according to research firm Frost & Sullivan.
2019 年中国居民在海外免税和完税产品上的支出超过 7000 亿元人民币（1084 亿美元），约为同年中国免税市场支出的 14 倍，据研究公司弗若斯特沙利文数据。

Some of the money that has been redirected back home has not been triggered solely by the pandemic. An offshore duty-free sector is part of the government’s plan to develop Hainan as a free-trade port, a key plank of President Xi Jinping’s policy to boost domestic consumption. Sales of consumer goods in China for the first eight months this year rose 3 per cent from a year ago.
一些被重新定向回国内的资金并不仅仅是由疫情引发的。离岸免税部门是政府将海南发展成为自由贸易港计划的一部分，这是习近平主席刺激国内消费政策的关键部分。今年前八个月，中国消费品销售额同比增长3%。

The Beijing-based company claims to have almost 100 per cent share of the offshore duty-free retail market in Hainan, where it opened its first offshore duty-free store in downtown Sanya in 2011. This has grown to five stores today. It is one of the six entities that have permits to operate on the island.
这家总部位于北京的公司声称拥有近 100% 的海南离岸免税零售市场份额，并于 2011 年在三亚市中心开设了第一家离岸免税店。如今已发展到五家店。它是拥有在岛上经营许可证的六个实体之一。

Founded in 1984, China Tourism Group had a market cap of 507.6 billion yuan on the Shanghai Stock Exchange as of Wednesday. State-owned CTG, previously known as China Travel Agency Hong Kong, is its controlling shareholder with a 53.3 per cent stake.
中国旅游集团成立于1984年，截至周三在上海证券交易所的市值为5076亿元人民币。国有中国旅游集团，前身为香港中旅，是其控股股东，持有53.3%的股份。

With 194 stores in China, Hong Kong, Cambodia, Macau, its first-half net profit surged over five times year-on-year to 5.4 billion yuan year on year, it said in its interim report. This came on the back of favourable policies to promote duty-free shopping on the island since July 2020, such as the expansion of the per person duty free purchase limit to 100,000 yuan per year from 30,000 yuan.
其在中国、香港、柬埔寨、澳门拥有 194 家门店，其上半年净利润同比增长逾 5 倍，至 54 亿元人民币。这得益于自2020年7月以来推动岛上免税购物的利好政策，例如将每人免税购物限额从每年3万元扩大到10万元。

“The Hainan offshore duty-free allowance is the most generous in the world,” said a KPMG report titled Travel retail market in Hainan free trade port – towards a golden future released in May.
“海南离岸免税额是世界上最慷慨的，”毕马威在5月份发布的题为“海南自由贸易港旅游零售市场——迈向黄金未来”的报告称。

A multibillion-dollar IPO by China Tourism Group could be a shot in the arm for the Hong Kong IPO market. The biggest deal of the year so far was by short-video platform Kuaishou Technology, which raised US$5.4 billion in January.
中国旅游集团价值数十亿美元的 IPO 可能是香港 IPO 市场的一剂强心剂。今年迄今为止最大的一笔交易是短视频平台快手科技，该公司在 1 月份筹集了 54 亿美元。

During the third quarter, 23 IPOs raised US$5.6 billion, 66 per cent lower than the US$16.6 billion from 38 deals in the same period last year, according to Refinitiv data.
第三季度，23 宗 IPO 融资 56 亿美元，比去年同期 38 宗交易的 166 亿美元低 66%。

Ref：
https://www.scmp.com/business/companies/article/3151491/china-tourism-awaiting-hong-kong-ipo-touts-hainan-duty-free

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