HONG KONG, 15 January 2026 — Hong Kong conglomerate CK Hutchison Holdings Ltd is preparing to take its massive retail arm A.S. Watson Group public in a dual listing in Hong Kong and London as soon as the second quarter of 2026, targeting a valuation of about $30 billion, according to people familiar with the matter.
If realised, the listing would mark one of the largest retail-sector IPOs of the year and a major milestone for A.S. Watson, which operates a global network of more than 17,000 retail outlets under prominent brands such as Watsons, Superdrug and others across 31 markets in Asia and Europe.
IPO Plans and Strategic Rationale
The IPO plan is part of CK Hutchison’s broader strategy to unlock value from its diversified businesses and capitalise on investor interest in high-growth consumer and retail platforms. The company has already begun gauging investor appetite for the initial public offering, which could raise approximately $2 billion for the retail unit.
Singapore’s state investment firm Temasek, which holds a 25 per cent stake in A.S. Watson from a 2014 investment of about $5.7 billion, is expected to use the IPO as a major exit route for part of its holding.
Retail Unit Strength and Outlook
A.S. Watson has demonstrated robust scale and recurring revenues. For fiscal 2024, the unit reported approximately $24 billion in revenue and boasts a loyalty membership base of more than 180 million customers, underscoring its broad consumer reach.
Expansion remains a core focus, with the retailer strengthening its footprint in Southeast Asia and the Middle East, even as it maintains significant presence in established markets across greater China and Europe.
Market Context and Timing
The timing of the proposed IPO aligns with a relatively strong pipeline of listings in Hong Kong, which saw its most active year for public offerings since 2021 in 2025. A.S. Watson’s public debut would follow that momentum and appeal to investors seeking exposure to consumer and health & beauty retail demand in Asia and beyond.
Advisors on the IPO include Goldman Sachs and UBS, who are helping structure the offering and engage institutional investors ahead of the planned dual listing.
