Monopoly money
4 February 2019

The overseas arm of China Tobacco will list in Hong Kong. Sales abroad are growing. But most of its revenue comes from importing leaves for its parent, a monopoly in a country where 300 million people light up. That’s a lot of risky exposure to dated anti-smoking policies.
This content is for Subscribers only
To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.