Changes in Hong Kong stocks | China Stock Exchange (01880) reversed the market and rose more than 7%, Hainan New Year's Day holiday duty-free sales increased 129% year-on-year, UBS said all data beat expectations

The Zhitong Finance App learned that China's Intermediary Free (01880) reversed the market by more than 7%. As of press release, it had risen 6.9% to HK$83.7, with a turnover of HK$185 million.

According to the news, UBS released a research report, according to Haikou Customs data, duty-free sales in Hainan increased 129% year-on-year to 712 million yuan from January 1 to 3, and the number of duty-free shoppers increased 61% year over year. The bank estimates that the per capita duty-free spending amount is 8,527 yuan, an increase of 42.5% year-on-year; the number of products purchased also increased by 52.4% year-on-year. All data beat market expectations.

The bank believes that the strong increase in sales is mainly due to Hainan easing shopping policy restrictions for local residents and departing travelers at Hainan duty-free shops in October last year, boosting the number of shoppers. At the same time, per capita consumption increased significantly, mainly driven by boutique categories such as clothing, shoes, handbags, jewelry, etc., and mobile phone products. In addition, local governments also continue to provide duty-free shopping subsidies. The bank is more optimistic about China's free A shares and H shares. The target price is 99.59 yuan and HK$90.73, respectively, with a rating of “buy”.