On October 19th, China Tourism Group Duty Free Corporation Limited (referred to as “China Duty Free”) announced that its board of directors had convened a meeting to elect Wang Xuan as the Chairman of the fifth board of directors. Previously, on October 16th, China Duty Free had issued a statement announcing the passing of its Chairman and legal representative, Li Gang, on October 14th, 2023, due to illness.
According to his resume, Wang Xuan was born in 1968 and holds a Master’s degree in Business Administration from Beijing University of Science and Technology. He currently serves as the Secretary of the Party Committee, Chairman, and General Manager of the company. He has previously held positions such as Deputy General Manager of the Enterprise Management Department of China Far East Horizon (Group) Corporation, Director of Investment Management Department, Assistant General Manager, Deputy General Manager, Member of the Party Committee, and Secretary of the Party Committee of China Duty Free. He has also served as the Chairman and General Manager of China Duty Free’s Sanya Downtown Duty-Free Shop, Chairman and Director of Guolv (Sanya) Investment Co., Ltd., Chairman of China Duty Free Group (Cambodia) Co., Ltd., and Chairman of Hong Kong China Duty Free Limited, among other positions.
According to China Duty Free’s performance report, in the first three quarters of this year, the company achieved operating income of 50.837 billion yuan ($6.95 billion), a year-on-year increase of 29.14%, and a net profit attributable to shareholders of listed companies of 5.199 billion yuan ($710.6 million), a year-on-year increase of 12.33%. In Q3, the company achieved operating income of 14.979 billion yuan ($2.05 billion), a year-on-year increase of 27.87%, and a net profit attributable to shareholders of listed companies of 1.333 billion yuan ($182.2 million), a year-on-year increase of 93.19%.
