January 19, 2026 07:41 AM GMT Exhibit 3: Hainan duty-free sales - spending per shopper Spending per Hainan Duty Free Shopper (Rmb) Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 Source: Haikou Customs, Morgan Stanley Research Exhibit 2: Hainan duty-free sales since free-trade-port kicked start on Dec 18, 2025 China Tourism Group Duty Free | Asia Pacific Hainan DF sale ...