Linklaters and Haiwen & Partners have advised China Tourism Group Duty Free Corporation on its $2.1 billion listing in Hong Kong, with Freshfields Bruckhaus Deringer and Jia Yuan Law Offices advising the joint underwriters. 

This is Hong Kong’s largest share sale in 2022, surpassing the $1.7 billion raised by Tianqi Lithium in its secondary listing two months earlier.

Established in 1984 and headquartered in Beijing, China Tourism Group Duty Free has built the largest duty-free retail network in China. It listed on the Shanghai Stock Exchange in 2009.

The Haiwen team was led by partners Huo Chao, Xiao Yi, and Xu Qifei, with the Jia Yuan team being led by partners Yan Yu, Li Li, and Wang Jieting.

Partner Iris Leung, supported by partner Lipton Li, led the Linklaters team, while the Freshfields team was led by partners Teresa Ko, Richard Wang, and Calvin Lai.