Fangda Partners represented China State-owned Enterprise Mixed Ownership Reform Fund Co., Ltd. (the “Mixed Reform Fund”) participate in the Cornerstone Placing of the listing of CTG DUTY-FREE on the Stock Exchange of Hong Kong. CTG DUTY-FREE has become the largest travel retail operator in the world. CTG DUTY-FREE was listed on the Stock Exchange of Hong Kong on August 15, 2022 with the stock code 1880.HK. Mixed Reform Fund, as the cornerstone investor, subscribed for the offer shares of CTG DUTY-FREE with the subscription amount of HK$1,177 million. Fangda team on this deal was led by partners Su Wang, Zhiyi Ren, Arman Lie and Patrick Li. Fangda handled drafting, review and negotiation of the transaction documents, and assisted in the closing process.