Dual Hong Kong, London listing aimed by midyear, sources say
Temasek seeks to exit 25% stake, sources say
Watson expanding in the Middle East, Southeast Asia
By Kane Wu and Yantoultra Ngui
HONG KONG/SINGAPORE, Jan 15 (Reuters) - Hong Kong conglomerate CK Hutchison Holdings Ltd (0001.HK) is seeking a valuation of around $30 billion for retail unit A.S. Watson Group’s listings in Hong Kong and London as soon as the second quarter, two people with knowledge of the matter said.
CK Hutchison has started gauging investor interest for the float, one of the people said. The ports-to-telecoms group is seeking to complete the dual listing by the middle of the year, the other person said, adding that the timetable is fluid.
Goldman Sachs and UBS are working on the planned IPO, the two sources said, declining to be named as the information is confidential. A.S. Watson could raise $2 billion in the IPO, according to previous media reports.
Singapore’s Temasek, which holds a 25% stake in the health and beauty retailer, is seeking to exit its investment in the IPO, said the sources.
CK Hutchison and A.S. Watson did not immediately respond to requests for comment.
Temasek, Goldman Sachs and UBS declined to comment.
Established in 1841, A.S. Watson operates health and beauty retail chains including Watsons and Superdrug across Asia and Europe. It has more than 17,000 retail stores in 31 markets, its website shows.
In a press release on Thursday, A.S. Watson said it has more than 180 million loyalty members and plans to open about 1,000 new stores this year.
It has been expanding in newer markets such as the Middle East and also growing its presence in Southeast Asia, its websites showed.
Temasek invested about $5.7 billion in the company in 2014, which the two sources said valued it at around $22 billion. It attempted to sell the stake in 2019, but a deal did not materialise.
CK Hutchison was founded by Hong Kong billionaire Li Ka-shing. In its Thursday release, A.S. Watson said its fiscal 2024 revenue was $24 billion.
CK Hutchison’s retail business, of which A.S. Watson is an anchor asset, reported HK$99 billion ($12.70 billion) in revenue for the first half of 2025, up 41% from a year earlier. The business’ earnings before interest, taxes, depreciation and amortization reached HK$13 billion for the same period, up 19% from a year earlier.
The IPO plan comes as CK Hutchison weighs its strategic options, including spinning off units and listing them separately to extract more value. The group has been considering listing global telecommunications assets, Reuters reported in March last year.
It is also in the process of completing a $22.8 billion sale of its ports business to a consortium led by BlackRock (BLK.N) and Italian Gianluigi Aponte’s family-run shipping firm MSC.
The group engaged in talks to include a Chinese investor in the consortium after Beijing voiced security concerns about the sale.
($1 = 7.7978 Hong Kong dollars)

CKHUY

CK Hutchison seeks $30 billion valuation for retail unit's Q2 IPO, sources say