Linklaters and Haiwen & Partners are advising China Tourism Group Duty Free Corporation on its planned secondary listing in Hong Kong, with Freshfields Bruckhaus Deringer and Jia Yuan Law Offices advising the joint underwriters.

The secondary listing is expected to raise more than $7 billion, which would make it the largest listing in Hong Kong in 2021 and the second largest, following Alibaba’s $15 billion IPO, in HKEX’s history.

Established in 1984, the Beijing-headquartered CDF sells products exempt and non-exempt from duty to domestic and foreign tourists. The company launched its IPO on the Shanghai Stock Exchange in 2009.

The underwriters are CICC and UBS.


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