HONG KONG / LONDON, 9 January 2026 — Hong Kong conglomerate CK Hutchison Holdings is moving forward with plans for an initial public offering of its global retail arm, AS Watson Group, selecting Goldman Sachs and UBS Group to lead the offering as it prepares for a dual listing in Hong Kong and London. The decision marks a key step in one of Asia’s most anticipated IPOs and comes as capital markets show renewed appetite for large-scale equity sales.
Watson Group is one of the world’s largest health and beauty retailers, with more than 16,500 stores spanning Asia, Europe and beyond under brands including Watsons, Superdrug and Rossmann. The business is majority-owned by CK Hutchison, with Temasek Holdings of Singapore holding a significant minority stake.
IPO Strategy And Capital Markets Context
People familiar with the matter said CK Hutchison has tapped both Goldman Sachs and UBS to coordinate the listing across Hong Kong’s bourse and the London Stock Exchange, reflecting its ambition to attract deep pools of global capital and enhance trading liquidity. The choice of dual financial advisers underscores the strategic importance of both Asian and European investors for a transaction of this scale.
While terms of the IPO have not been publicly disclosed, earlier reports suggest the offering could raise roughly US$2 billion or more in primary proceeds, with the Hong Kong venue expected to anchor the transaction and London acting as a potential secondary home for shares, widening investor reach.
Retail Giant With Global Reach
AS Watson Group operates the world’s largest portfolio of health and beauty retail formats, serving consumers across Asia, Europe and the Middle East. The retailer’s footprint spans thousands of outlets and e-commerce channels, catering to rising demand for health, beauty and lifestyle products in both developed and emerging markets. Its scale, combined with diversified brand assets, makes the business a compelling candidate for public markets.
A successful IPO would mark one of the most significant equity raises out of Hong Kong and London in 2026, following a relatively subdued period for large listings. It would also serve as a validation of Asia’s increasingly vibrant capital markets, which have attracted rising interest from global investors seeking exposure to consumer growth stories outside traditional U.S. and European listings.
Broader Implications
For CK Hutchison, the move reflects a strategic pivot to unlock value within its portfolio and enhance its balance sheet flexibility, while enabling Watson Group to pursue growth initiatives with greater public market support. For global stock exchanges like Hong Kong and London, the listing could signal a renewed phase of competitive positioning for marquee IPOs at a time when issuers have a wider choice of venues. Analysts have suggested that attracting such cross-border listings could help bolster both exchanges’ profiles and liquidity.
Investors and market participants will be watching closely as Goldman Sachs and UBS prepare investor roadshows and prospectus filings, which could set the stage for a landmark debut that bridges Asian consumer growth with global capital.
