China New Imperial Duty Free Group Co., Limited

China Duty Free International Limited, a wholly-owned subsidiary of China National Duty Free Group (CDFG). CDFG was established in 1984 and is authorized by the State Council to conduct duty-free business in China. CDFG has long-term cooperation with over 1,000 well-known brands worldwide and has established over 240 duty-free shops across the country (including Hong Kong and Macau) and Cambodia. The sales channels include major domestic hub airports and Hong Kong and Macau International Airports, as well as the world's largest duty-free commercial complex, Sanya International Duty Free City, and operates 7 customs supervision logistics centers and 5 customer service centers nationwide. CDFG has over 18.6 million members, providing duty-free goods and services to nearly 200 million domestic and foreign tourists annually, and has developed Duty Zero by cdf selling duty-free products including wine, liquor and local food.