BUZZ-China Tourism Group's HK shares climb to over 2-year high on LVMH tie-up

Reuters01-20 10:46
BUZZ-<a href="https://laohu8.com/S/CTGCY">China Tourism</a> Group's HK shares climb to over 2-year high on LVMH tie-up

** Hong Kong-listed shares of China Tourism Group Duty Free Corporation 1880.HK jump 12.1% to HK$97.95, their highest level since October 2023

** Stock on course for a second session of gains, if current momentum holds

** Co's Shanghai-listed stock 601888.SS climbs 1.6% to 99.81 yuan, its highest point since October 2023

** The Chinese duty free operator has agreed to buy DFS Cotai Limitada, which operates DFS travel retail stores in Hong Kong and Macau, from LVMH LVMH.PA and the Miller Family for up to $395 million

** China Tourism Group plans sale of an aggregate 11.97 million new H shares, or 0.57% stake, to LVMH's unit Delphine SAS and Miller Family's Shoppers Holdings for HK$924 million ($118.50 million)

** The Chinese firm has also entered into a memorandum of understanding with LVMH to set up a strategic cooperation in the retail sector and to forge collaborations in product sales, store establishment, brand promotion, cultural communication, travel services in Greater China

($1 = 7.7976 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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