Sources reveal that CKH Holdings is preparing for the dual listing of its subsidiary Watsons Group in Hong Kong and the UK, with an expected fundraising target of up to $2 billion. The listing could commence as early as the first half of next year, with preparatory work already underway. CKH Holdings declined to comment on the matter.
Watsons' listing plans had been postponed multiple times due to the pandemic and weak IPO market conditions in recent years. However, with improving market sentiment and a notable increase in issuance activity, CKH Holdings sees this as an opportune time to revive the listing. Hong Kong has emerged as one of the most active IPO markets globally this year, attracting companies from sectors such as technology and biotech. According to Hong Kong Exchanges and Clearing data, the city's IPO fundraising reached HK$216 billion in the first 10 months of 2025, more than tripling year-on-year, while the Hang Seng Index has risen approximately 29% year-to-date.
Founded over 180 years ago, Watsons is the world's largest health and beauty retailer by store count, operating around 17,000 online and offline stores across 31 markets. Its portfolio includes brands such as Watsons, PARKnSHOP, Fortress, and Watsons Wine. In Europe, the group also operates leading health and beauty chains like Kruidvat, Superdrug, and Rossmann, and holds stakes in premium fragrance and cosmetics brands such as ICI Paris XL and The Perfume Shop.
In 2014, Singapore's Temasek acquired a stake in Watsons for $5.7 billion. Its parent company, CKH Holdings, is one of Hong Kong's largest conglomerates by market capitalization, with core businesses spanning ports, retail, infrastructure, and telecommunications. The group currently has a market value of nearly $26 billion.
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