China National Tobacco, the world’s largest cigarette maker, plans to list its international unit on Hong Kong’s stock exchange, allowing private investors to profit from China’s state-run tobacco monopoly.
China Tobacco International buys leaves from countries such as Brazil, Argentina and the US for its state-owned parent company, and has exclusive rights to sell Chinese-made cigarettes at duty-free stores in several Asian territories.
The business recorded revenues of HK$5.1bn ($651m) in the first nine months of last year, about three-quarters of which was generated from its leaf import business, according to a pre-listing document issued yesterday.
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