China National Tobacco, the world’s largest cigarette maker, plans Hong Kong IPO for international unit

China Tobacco International’s parent accounts for 40 per cent of global cigarette production Company derives revenue primarily from a fixed mark-up of 6 per cent on overseas tobacco leaf supplies to domestic cigarette manufacturers.

China is the largest tobacco-consuming and manufacturing country in the world. Photo: AP Photo

China National Tobacco, a state monopoly that is by far the biggest cigarette maker in the world, plans to list its international unit on the Hong Kong stock exchange even as pressure increases on the government to curb smoking. The unit, China Tobacco International, is primarily responsible for procuring overseas tobacco leaf from countries like Brazil and Canada for the cigarette giant, which churns out four of every 10 sticks made in the world. The parent company may clock more profit than either HSBC Holdings or Walmart, according to a rare glimpse of financial data in 2012. Beijing needs to kick habit of relying on tobacco cash The international unit accounts for a tiny portion of China Tobacco’s overall business, which has a bigger market share than the next five global tobacco companies combined. However, the listing represents a rare opening up of the state monopoly that is facing growing domestic concerns over China’s high rates of cancer and smoking-related disease. China is the largest tobacco-consuming and manufacturing country in the world, and critics contend the government is not doing enough to prevent the spread of smoking because of the tax revenue it derives from the industry. Chinese doctor Peng Limei browses CT scans of lung cancer patients at the Jingdong Zhongmei private hospital in Yanjiao, Hebei province. China has high rates of cancer and smoking-related disease. Last year, lawmakers in China’s National People’s Congress called for higher taxes on cigarettes to deter smoking among the young. China aims to sell 6 billion cigarettes but tells people to quit smoking. What does it want? The international business to be floated recorded revenue of HK$5.1 billion (US$651 million) for the nine months ended in September, a 21 per cent drop from the same period last year, according to pre-listing documents issued on Wednesday. It had a gross profit margin of 5.8 per cent, down from 6.5 per cent a year earlier. The unit derives revenue primarily from a fixed mark-up of 6 per cent it applies to the overseas tobacco leaf supply when selling to domestic cigarette manufacturers. It also has full control of cigarette exports – sold primarily in duty-free locations overseas to Chinese tourists – and domestic-grown tobacco leaf from provinces including Yunnan and Sichuan. In May, it started a business exporting Chinese-made heat-not-burn tobacco devices, the document said. Hong Kong’s burgeoning e-cigarette industry on the precipice as city mulls total ban In 2016, the industry contributed profit and tax of 1.1 trillion yuan (US$160 billion), according to China Tobacco’s website. The monopoly otherwise does not publish financial data voluntarily. In 2012, a bank that it was buying a stake in released figures that showed the cigarette giant had sales of 770.4 billion yuan and net income of 117.7 billion yuan in 2010. CICC and China Merchants Securities are joint sponsors of the proposed initial public offering.

This article appeared in the South China Morning Post print edition as: Cigarette monopoly unit eyes HK listing

Source: South China Morning Post 

Bloomberg  Published: 3:54pm, 2 Jan, 2019  Updated: 10:59pm, 2 Jan, 2019

中國煙草局欲售4750萬箱香煙 遭網民痛批「毒梟」

 社會熱點 15:05 2018/11/13 

   

中國國家煙草專賣局近日宣佈要堅定信心和決心，確保達成今年銷售4750萬箱香煙的目標任務，爭取實現利潤超過歷史最好水平，引發網民批評政府既要禁煙又用力賣煙，是「大毒梟」。

新浪財經報導，11月9日，國家煙草專賣局、中國煙草總公司11月份生產經營調度會在北京召開。會議分析了今年1至10月行業經濟運行情況，並對下一步工作進行安排部署。國家煙草專賣局副局長段鐵力主持會議並發表講話。

段鐵力在會中提出6點指示，包括「努力完成全年銷量目標任務。堅定信心和決心，確保銷售4750萬箱目標任務」；「確保實現降庫存100萬箱以上目標，打好去庫存攻堅戰」；「確保完成全年稅利目標任務，爭取實現稅利總額超過歷史最好水平」。

大力賣煙行為遭網民批「毒梟」

內地一箱香煙有2500包。若以14億人口計算，國家煙草專賣局今年要賣4750萬箱，相當於每人要買85包煙。內地去年賣掉4737.8萬箱，還不包括泛濫的私煙。

消息曝光後，網民紛紛在微博新聞討論。有網民說，這就可理解為什麼中國不禁煙、美國不禁槍了；還有人嘲諷「一方面禁煙，一方面去庫存」、「賣煙草賺一筆，治肺癌賺一筆，養老金不用發再賺一筆」、「確保害人目標達成」；更有網民氣憤直批「大毒梟」。

引發眾怒後，國家煙草專賣局官網已把相關會議訊息刪除。當局近年雖加大控煙力度，主要城市陸續頒布特定場所禁煙令，但成效顯然有限。反煙組織近年不斷呼籲當局應該大幅調高煙價，以抑制吸煙人口成長。

零售價低、稅率低 中國煙草多項「世界第一」

內地界面新聞引述世界衛生組織報告指出，2016年中國的煙草稅率為51%，在全部的188個國家和地區中排名第102位，與世界衛生組織建議的75%仍存在差距。比稅率排名更低的是零售價排名。2016年中國捲煙零售價格為1.5美元/盒（20支），在WHO錄得數據的187個國家和地區中排名第126位。

煙草是中國政府最重要的收入來源之一。根據國家煙草專賣局公布的數據，2017年，中國捲煙創造工商稅利高達人民幣1兆1145億元，占當年財政收入6.46%。一年煙草稅收，就可打造出55艘遼寧號航空母艦。

公開資料顯示，中國在煙草消費囊括多項世界第一，包括吸煙人口、煙草種植面積、產量、銷量、稅收以及每年死於吸煙相關疾病的人數。根據中國疾病預防控制中心的「2015中國成人煙草調查報告」顯示，中國15歲及以上吸煙者已達3.16億人。

資料來源：香港經濟日報

https://china.hket.com/article/2207224/%E4%B8%AD%E5%9C%8B%E7%85%99%E8%8D%89%E5%B1%80%E6%AC%B2%E5%94%AE4750%E8%90%AC%E7%AE%B1%E9%A6%99%E7%85%99%20%E9%81%AD%E7%B6%B2%E6%B0%91%E7%97%9B%E6%89%B9%E3%80%8C%E6%AF%92%E6%A2%9F%E3%80%8D