Shares of China Tourism Group Duty Free surged more than 10% in Hong Kong to hit HK$115.9 at one point. Its Shanghai-listed shares jumped more than 9% to 120 yuan.
The company reported a revenue of 35.86 billion yuan for the first half of the year, surging 29.68% from a year earlier. Its net profit attributable to shareholders of the listed company reached 3.86 billion yuan in the period, down 1.87% from a year ago.
Its investor J.P.Morgan Chase recently increased holdings of CTG Duty Free by 252,700 shares at an average price of HK$108.8028. In addition, Jefferies gives a Buy rating to the company’s H-shares, with a target price of HK$243.6.
