China Duty Free Group Co., Ltd. (hereinafter referred to as "CDFG") was established in 1984. It is a state-owned franchise company authorized by the State Council to carry out duty free business nationwide. After nearly 40 years of rapid development, CDFG has successively established long-term stable cooperative relations with more than 1,400 international well-known brands around the world, and set up over 200 duty free shops in more than 30 provinces, cities, autonomous regions, special administrative regions and also Cambodia, covering airports, on-board aircrafts, borders, passenger stations, railway stations, foreign cruise supply, diplomatists, cruises and local (offshore and outbound) duty free shops. Its main sales channels cover large domestic hub airports in Beijing, Shanghai, Guangzhou, Chengdu and Hangzhou, and international airports in Hong Kong SAR and Macao SAR in the Asia Pacific region, downtown duty free shops in Beijing, Shanghai, Qingdao, Xiamen, Dalian, Hong Kong SAR and Macao SAR, Costa Atlantic Cruise and Cruise Piano Land, and major domestic border ports and Hainan Island. It has developed into a travel retailer with the most types of duty free shops and the most retail outlets in a single country in the world, providing duty free products and services to nearly 200 million domestic and foreign tourists every year.