CKH Holdings (00001) is reportedly exploring a dual listing for its health and beauty retail subsidiary Watsons Group, which could raise up to $2 billion. Sources indicate that preparatory work for the Hong Kong and UK listings is underway, with an IPO potentially launching in the first half of next year.
If successful, Watsons’ valuation may exceed $30 billion, marking one of the largest consumer retail IPOs in Hong Kong in recent years. Founded in 1841, Watsons operates over 17,000 stores across 31 markets under 12 brands, serving more than 6 billion customers annually through offline and online channels.
According to CKH Holdings’ H1 2025 financial report, Watsons’ retail division reported total revenue of HK$98.84 billion, up 8% YoY. However, its China revenue declined 3.1% to HK$6.67 billion, with management anticipating continued challenges in the health and beauty segment in H2.
Watsons is part of CKH Holdings, a multinational conglomerate with operations spanning 50 countries in ports, retail, infrastructure, and telecommunications. As of November 21, CKH Holdings’ market cap stood at HK$205 billion.
Notably, Watsons’ listing plans were previously discussed in 2024, with Singapore’s Temasek—a shareholder—confirming the IPO remains a goal, though specifics will be determined by Watsons’ board and management.
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