(Yicai Global) April 22 -- The board of directors at China Tourism Group Duty Free, which boosted its net profit by a third in 2020, has agreed that the major duty-free store and travel agency operator will pursue a secondary listing in Hong Kong.

The share sale would enhance the tourism firm's capital strength and comprehensive competitiveness, the Beijing-based company said in a statement yesterday. The authorization is valid for 12 months.

The operator of China Duty Free Group revealed its 2020 earnings the same day. Net profit jumped by 33 percent to CNY6.1 billion (USD940.7 million) over the 12 months from a year ago due to southern Hainan province's tax-free policy and the firm's online expansion, it said in the report. Revenue climbed by 8 percent to CNY52.6 billion (USD8.1 billion).

In the first quarter of 2021, the company's net profit tallied CNY2.8 billion, compared to a loss of CNY21.9 million (USD3.4 million) a year ago during the Covid-19 pandemic. Its revenue more than doubled to CNY18.1 billion.

China Tourism Group Duty Free's Shanghai-listed shares [SHA:601888] were 2.6 percent down at CNY291 (USD44.90) this morning.

Editor: Emmi Laine, Xiao Yi