BEIJING AIRPORT (00694) surged over 5% against the broader market trend, gaining 4.87% to HKD 2.8 by the time of writing, with a trading volume of HKD 21.84 million. The rally comes as Shanghai Pudong, Hongqiao airports, and Beijing Capital Airport have initiated a new round of duty-free tendering, with a key change being the inclusion of foreign bidders.

Cathay Haitong Securities noted in a research report that Shanghai Airport's revised duty-free contract model, based on a median royalty rate of 16%, suggests airport duty-free revenue will remain stable compared to the previous model. Should the actual comprehensive royalty rate exceed the median, the new contract could boost airport duty-free income.

Changjiang Securities highlighted that Beijing Capital Airport is expected to disclose its shortlisted bidders in the coming days. The tender requirements mirror those of Shanghai Airport, permitting foreign participation while restricting a single bidder to one segment. The outcome is anticipated to be similar.

Notably, Beijing Airport's T2 and T3 segments differ significantly in international passenger traffic and duty-free space. If a leading domestic duty-free operator secures the T3 segment, the impact may be less pronounced than in Shanghai. Drawing on the previous tender results, Beijing Airport's duty-free royalty rates and rental levels are likely to surpass those of Shanghai Airport, particularly under current competitive dynamics.