CDF is the world’s leading travel retailer, with sales ranking first in 2021. CDF owns the most comprehensive duty-free retail channels and the best market resources in China with strong acquisition and integration capabilities. In August 2022, the Company participated in the H share IPO of CDF as an anchor investor, which fully reflects CEAIR’s support for CDF’s further development. This deal is expected to achieve good return and maintain liquidity for the Company.