November 28, 2025 06:46 AM GMT M Update China Tourism Group Duty Free | Asia Pacific Express Postcard from Hainan Lillian.Lou@morganstanley.com +852 2848-6502 Key Takeaways Opportunity from relaxed DF policy in Hainan from Nov 1, 2025: Incremental TAM (addressable market) comes from (1) international tourists departing Hainan and heading overseas; they can shop beyond the Rmb100K limit at designated DF areas (in the past only tourists departing to the mainland could shop); (2) local Hainan residents can sho ...