China Tourism Group Duty Free Corporation Limited (CTG Duty-Free, 01880 HK) has completed two pivotal transactions on 19 March 2026: the acquisition of DFS Group’s Greater China retail assets and a strategic share placement to investors linked to LVMH and the Miller family.
Transaction 1 – Acquisition of DFS Greater China Assets • CTG Duty-Free paid an estimated USD293.76 million (about HKD2.30 billion) for DFS’s Greater China retail business, excluding the Hong Kong Canton Road (Sun Arcade) store after certain conditions remained unmet. • Final consideration is subject to customary closing adjustments.
Transaction 2 – Targeted Share Placement • 5.47 million new H-shares were allotted to Delphine SAS, an indirect wholly owned unit of LVMH, at HKD77.21 per share. • 3.46 million new H-shares were simultaneously issued to Shoppers Holdings HK Limited, indirectly controlled by the Miller family trust, at the same price. • Aggregate gross proceeds: HKD690.07 million; net proceeds equal the gross amount, as stated. • Post-placement, Delphine SAS and Shoppers Holdings hold 0.26% and 0.17% of enlarged share capital respectively. The total issued shares increased from 2.07 billion to 2.08 billion.
Use of Proceeds (HKD690.07 million) 1. Product portfolio upgrades and supply-chain optimisation: HKD483.05 million (70%). 2. Expansion of domestic and overseas networks & capability development: HKD138.01 million (20%). 3. General working capital for global subsidiaries: HKD69.01 million (10%).
Updated Shareholding Snapshot • CTG: 50.08% • Other A-shareholders: 43.88% • Other H-shareholders: 5.60% • Delphine SAS: 0.26% • Shoppers Holdings HK Limited: 0.17%
The transactions strengthen CTG Duty-Free’s capital base and broaden its international strategic partnerships as it scales operations inside and outside China.
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