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中国国旅(601888)
研报日期:2018-07-27 中国国旅(601888) Event: China International Travel Service (which will be abbreviated as CITS in later parts of this report) announced that Sunrise-Duty Free, a subordinate of CITS’ wholly-owned subsidy, China Duty Free Group (CDF), won the bid for duty-free business in Shanghai Hongqiao International Airport and Shanghai Pudong International Airport. The bidding provisions are: 1) For SH Hongqiao International Airport, the minimum sales within contract term will be CNY 20.71 bn under a composite sales commission rate of 42.5%. 2) For SH Pudong International Airport, the minimum
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