您现在的位置是:8 k y 1 m 4 w 4 c q g i 8 6 2 j s f 3 n 5 8 0 u a u > Entertainment
【is imitation crab meat kosher】Overseas unit of China's cigarette monopoly files for Hong Kong IPO
8 k y 1 m 4 w 4 c q g i 8 6 2 j s f 3 n 5 8 0 u a u2024-09-29 10:15:00【Entertainment】6人已围观
简介By Julia FiorettiHONG KONG, Jan 2 (Reuters) - China Tobacco International, the overseas subsidiary o is imitation crab meat kosher
By Julia Fioretti
HONG KONG,is imitation crab meat kosher Jan 2 (Reuters) - China Tobacco International, the overseas subsidiary of China's state-owned tobacco monopoly and the world's largest tobacco producer by volume, has filed for a Hong Kong initial public offering (IPO).
The listing will raise around $100 million for the unit, which accounts for a fraction of parent China National Tobacco Corp's overall business, said a person familiar with the matter, who declined to be identified as the information was private.
The unit mainly buys tobacco leaf products from countries such as Brazil and the United States and sells them to Chinese manufacturers. It also exclusively operates China's cigarette exports business with sales in duty-free outlets in places such as Thailand and Singapore, its draft prospectus showed.
Its parent, better known as China Tobacco, sells 98 percent of all tobacco consumed in China and booked sales of 1.1 trillion yuan ($171.81 billion) in 2017, accounting for 7 to 11 percent of the country's tax revenue.
The listing comes as authorities try to tighten tobacco regulation in a country of 1.4 billion people where around 300 million smoke. However, progress has been incremental in the face of opposition from China Tobacco, a top national tobacco control officer previously told Reuters.
Tax hikes, public smoking bans and tougher advertising rules contributed to a decline in sales at China Tobacco in 2015 and 2016. Sales have risen only slightly over the past two years.
China Tobacco International said it plans to use the IPO proceeds to buy tobacco product operating entities, cigarette brands or tobacco product brands. It also aims to expand sales channels in markets such as Southeast Asia through new marketing campaigns.
The prospectus showed the unit booked profit of HK$222.3 million ($28.37 million) in January-September, on revenue that fell 21 percent from the same period a year prior to HK$5.1 billion.
The firm did not immediately respond to telephoned requests for comment.
CICC and China Merchants Securities are joint sponsors for the IPO. ($1 = 7.8351 Hong Kong dollars) (Reporting by Julia Fioretti; Additional reporting by Julie Zhu in HONG KONG and Adam Jourdan in SHANGHAI; Editing by Christopher Cushing)
View comments
很赞哦!(45579)
相关文章
- Evotec to Attend Upcoming Investor Conferences
- UAE Energy Minister remains optimistic about energy market balance
- VEGOILS-Market factors to watch Jan 2
- BMW E30 M3 vs Audi RS2 Avant: Which Would You Rather Own?
- Russia asks for ships disinfection from Iran, Italy and South Korea in Novorossiisk - document
- Loss-Making Workhorse Group Inc. (NASDAQ:WKHS) Expected To Breakeven
- The Latest: Utility: Wildfire role would implicate probation
- People in the News—Jan. 2, 2019—Arnold & Porter
- 1.9 Million Unemployment Claims; Travel Bets Surge
- 10 Top-Ranked ETFs That Crushed the Market in 2018
热门文章
站长推荐
5 High-Yield Stocks to Defy Coronavirus-Led Crisis in April
Activision Blizzard names Dennis Durkin as CFO
ORM ALERT: Monteverde & Associates PC Announces an Investigation of Owens Realty Mortgage, Inc.
Boeing Wins $400M Deal to Support B-1 & B-52 Bomber Aircraft
Earnings Preview: Novanta (NOVT) Q3 Earnings Expected to Decline
GLOBAL MARKETS-Stocks pare losses but economic concerns linger
Boeing says loss of Ex-Im Bank would be competitive disadvantage
‘Oprah With Meghan And Harry’: First Promos Tease “Shocking Things” In CBS Interview
友情链接
- Google says it will no longer use 'Double Irish, Dutch sandwich' tax loophole
- A Focus on Out-of-Favor, Overlooked and Misunderstood Securities with Strong Balance Sheets Key to This Manager's Portfolio Construction Strategy
- Alfonso Cuaron wins Oscar as best director for 'Gravity'
- At S$0.22, Is Indofood Agri Resources Ltd. (SGX:5JS) Worth Looking At Closely?
- Is Bendigo and Adelaide Bank Limited (ASX:BEN) A Risky Dividend Stock?
- Is There Now An Opportunity In Berkshire Hills Bancorp, Inc. (NYSE:BHLB)?
- Becerra and Other Democratic State AGs Appeal Ruling Killing ACA
- ‘Planning for the worst’ - law firm leader predictions for 2019
- Weight Watchers posts dynamite earnings, and the stock is soaring
- Eversheds Partner Found Dead After Facing Behavior Complaint