Shares of CTG DUTY-FREE (HKG: 01880) have risen more than 3%. At the time of writing, the stock is up 1.88% to HK$56.85, with a trading volume of HK$121 million.

The positive movement follows news of an upgraded outbound tax refund policy. Shanghai's Municipal Commission of Commerce recently released version 2.0 of its departure tax refund scheme, introducing three key measures: enhancing full-process digital services for refunds, upgrading the "buy-and-refund-on-the-spot" digital service, and improving digital verification services at ports. These initiatives aim to create a favorable shopping environment for the upcoming "Shanghai Summer" international consumption season. The new generation of intelligent customs verification terminals developed by Shanghai Customs for this refund system is already operational, reportedly improving verification efficiency by 1.5 times compared to the previous process.

This development builds upon earlier measures. Six government departments jointly introduced eight initiatives to optimize the outbound tax refund process. Key points include implementing random checks for refund claims under 10,000 yuan starting July 2026, fully promoting paperless procedures, and uniformly extending the departure period for claiming refunds to 28 days, all aimed at further facilitating shopping and refunds for inbound tourists.

The policy tailwinds are already reflected in recent performance data. In the first quarter of 2026, the sales value and actual number of shoppers in Hainan's offshore duty-free market increased by 26% and 18% year-on-year, respectively. Concurrently, the number of inbound tourists to Hainan grew by over 53%, directly fueling demand in the duty-free consumption sector.