HK Stock Market Move | China Tourism Group Duty Free Corporation (01880) afternoon increase of over 18%, company's A shares hit the limit up, national promotion of "buy now, refund immediately" departure tax refund.

China Tourism Group Duty Free Corporation (01880) increased by over 18% in the afternoon, with the company's A-shares reaching their daily limit. As of the time of writing, the stock rose by 18.21% to 54.2 Hong Kong dollars, with a trading volume of 642 million Hong Kong dollars. On the news front, the State Administration of Taxation yesterday issued a notice on promoting the "buy-now, refund-now" service for overseas tourists' shopping tax refunds upon departure, specifying the main content, processing procedures, and implementation time of the immediate tax refund service, expanding the service from pilot projects in multiple regions to nationwide. This service, as a convenient measure, is an upgrade of the "tax refund upon departure" policy, aiming to provide overseas tourists with more convenient and diverse tax refund options. This measure has been piloted in Shanghai, Beijing, Guangdong, Sichuan, Zhejiang, Shenzhen, and other regions. Furthermore, Guosen recently pointed out that looking ahead, on one hand, with the active policy support, it is suggested to track the overall consumption recovery pace, especially in Hainan. The tax-free sales revenue of outlying islands by the Haikou customs in January and February this year decreased by 13% year-on-year, narrowing from a 22% decline in the fourth quarter, and the sustainability of the subsequent marginal improvement trend still needs to be observed. On the other hand, the closure and operation of Hainan until the end of 2025 carry both risks and opportunities. It is suggested to continuously track the progress of the closure of Hainan, but China Duty Free Group's first-mover advantage in core areas and consolidation of its leading position in the past two years are promising. Considering that China Duty Free and China Outbound Travel Service have essentially secured positions in core cities with the largest international passenger flow, their corresponding tax-free spaces are broader, and China Duty Free is expected to directly benefit from the new policies on domestic tax-free shopping.