BEIJING, June 17, 2024 /PRNewswire/ -- Recently, Morgan Stanley Capital International (MSCI), an internationally recognized index provider, announced its latest rating results. China Tourism Group Duty Free Corporation Limited (the "Company" or "CTG DUTY-FREE", Stock Code:1880.HK, 601888.SH) ESG rating has been upgraded from BBB to A, marking the second upgrade since 2022.
CTG DUTY-FREE launched the ESG project on March 18, 2022. Since its launch, the Company has promoted cross-departmental collaboration and deepened the understanding of ESG principles from headquarters to the key subsidiaries, thereby strengthening the implementation of ESG practices in its core operations. The Company's MSCI ESG rating was upgraded to BBB in August 2022 and now to A this month. Within a span of over two years, the Company has achieved a two-level ascent in its MSCI ESG rating, progressing from catching up with leading international peers to achieving parity with them in rating, showcasing remarkable project accomplishments.
The systematic disclosure of ESG information has increased transparency in the Company's responsible practices. The Company has been included in various sustainability indices, such as the ESG-Pioneer 50 Index of Central Enterprises and the ESG-Pioneer 100 Index of Central Enterprises. It has also been included in the CSI 800 ESG Index, the Shanghai and Shenzhen 300 ESG Leading Index, the SSE 180 ESG Leading Index, the Hang Seng Corporate Sustainability Index, the Hang Seng (China A) Corporate Sustainability Index, the Hang Seng (Mainland and HK) Corporate Sustainability Index, the Hang Seng Corporate Sustainability Benchmark Index, the Hang Seng (China A) Corporate Sustainability Benchmark Index, the Hang Seng SCHK China Central SOEs ESG 40 Index, the Hang Seng SCHK China Central State-owned Enterprises ESG Enhanced Index, and the Hang Seng SCHK China Central State-owned Enterprises ESG Index.
The MSCI ESG rating is widely recognized by global investment institutions as one of the authoritative and credible ESG evaluation systems. Both domestic and international investors widely refer to its rating results when making investment decisions. According to MSCI ESG rating research, approximately 60% of companies maintained their previous year's rating, and only 28% of the companies achieved a rating upgrade. The steady improvement in CTG DUTY-FREE's ESG rating reflects the high recognition from international authoritative rating agencies regarding the Company's sustainability level and its systematic ESG management.
Looking ahead, the Company will continue to pursue excellence and practice the philosophy of "doing business in good faith and providing quality services," the Company will enhance and expand its core operations to meet the increasing demand for a better quality of life. In addition, the Company will continuously optimize its ESG governance system, ensuring substantial progress in ESG initiatives, aiming to contribute to exploring innovation, green practices, and high-quality sustainable development for Chinese enterprises.
