HK Stock Market Move | China Tourism Group Duty Free Corporation (01880) rose nearly 6% in early trading, with Hainan Island scheduled to close in December, expected to drive the overall development of Hainan's tourism retail market.

China Tourism Group Duty Free Corporation (01880) rose nearly 6% in early trading, up 3.57% as of the time of this report, at HK$62.45, with a turnover of 1.28 billion Hong Kong dollars. On the news front, on October 26, Pan Gongsheng, the Governor of the People's Bank of China, reported on the financial situation at the request of the State Council. Pan Gongsheng stated that in the next step, efforts will be made to support the customs closure operations of Hainan Free Trade Port and the high-quality development of Hainan Free Trade Port. In addition, the island-wide customs closure operation of Hainan Free Trade Port has entered the sprint stage and will officially start on December 18th this year. CITIC SEC previously released a research report stating that three departments have issued documents adjusting the tax-free shopping policy for outbound tourists in Hainan, which is beneficial for tax-free sales in many aspects. The bank pointed out that recent tax-free sales data for outbound islands has shown an improvement year-on-year, and the island-wide customs closure in December will help promote the overall development of Hainan's tourism retail market, suggesting to pay attention to the tax-free sector.