China Duty Free Said to Win Approval for IPO: SCMP

China Tourism Group Duty Free (CDF) has got the green light from the Hong Kong stock exchange’s listing committee for its flotation on the main board, the South China Morning Post reported.

That brings the world’s largest travel retailer by sales a step closer to what could amount to a multibillion dollar initial public offering (IPO).

CDF, which has a market capitalisation of 449.9 billion yuan ($70.5 billion) based on its closing price of 230.40 yuan Wednesday in Shanghai, could be aiming to raise $5 billion, other media have reported previously.

Read the full report: South China Morning Post

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.