By P.R. Venkat
Hong Kong-based conglomerate CK Hutchison is planning a dual listing of one of the world's largest health and beauty retailers, which could raise up to US$2.0 billion, people familiar with the process said.
The groundwork to list AS Watson Group in Hong Kong and the U.K. is already in process, with the initial public offerings targeted for the first half of next year, the people said.
CK Hutchison declined to comment.
CK Hutchison had previously delayed plans to list Watson due to the pandemic, and then because of weak investor appetite for new offerings over the past several years, but the current upswing in market momentum has opened a window of opportunity.
Hong Kong has emerged as one of the world's busiest IPO markets this year, drawing Chinese issuers across sectors ranging from technology to biotechnology. In the first 10 months of 2025, IPOs in the city raised 216.0 billion Hong Kong dollars, equivalent to about US$28.0 billion, more than triple the amount raised in the same period last year, according to the Hong Kong Stock Exchange.
Year to date, Hong Kong's benchmark Hang Seng Index is up about 29%.
Founded more than 180 years ago, Watson says it is the biggest health and beauty retailer globally by number of stores. It operates 17,000 offline and online outlets in 31 markets.
Some of its brands include health & beauty specialist Watsons, ParknShop supermarkets, the Fortress electrical appliances chain, and wine store Watson's Wine.
In Europe, the group operates leading health & beauty retailers such as Kruidvat, Superdrug, Rossmann, Savers, Trekpleister and Drogas. It also owns premium perfumery and cosmetics brands ICI Paris XL and The Perfume Shop.
In 2014, Singapore state investment firm Temasek Holdings acquired a stake in the company for US$5.7 billion.
Watson's parent, CK Hutchison, is among the largest companies listed on the Hong Kong stock exchange, with a market capitalization of close to US$26.0 billion. Its main businesses include ports and related services, retail, infrastructure and telecommunications.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 21, 2025 02:03 ET (07:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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