CK Hutchison weighing listing for retailer Watsons: Sources
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Watson could raise US$2 billion (S$2.61 billion) or more in a Hong Kong listing, according to sources.
PHOTO: BLOOMBERG
- CK Hutchison is weighing a potential A.S. Watson Group listing, aiming to raise US$2 billion or more in Hong Kong by 2026.
- A.S. Watson, a health and beauty retailer with over 17,000 stores across 31 markets, may also consider a dual UK listing.
- Temasek owns 25% of A.S. Watson, and both firms have previously considered share sales; considerations are preliminary.
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CK Hutchison Holdings is considering listing health and beauty retailer AS Watson Group, people familiar with the matter said.
The Hong Kong-based conglomerate has been speaking with financial advisers about a potential listing, which might take place as soon as 2026, the people said, asking not to be identified because the talks are private. AS Watson could raise US$2 billion (S$2.6 billion) or more in a Hong Kong listing, the people said. A dual listing in the UK may also be considered, one of the people said.
AS Watson has more than 17,000 stores in 31 markets, including the Superdrug chain in the UK and Rossmann pharmacies in Germany, according to its website. It also runs the Watsons chain of health and beauty shops across Asia, as well as grocery, wine and electronics stores in Hong Kong. Singapore investment firm Temasek owns about 25 per cent of AS Watson.
Considerations are preliminary and no final decisions have been made, including on the size of the potential offering, the people said.
Representatives for Hutchison and Temasek declined to comment.
Hutchison has considered an AS Watson share sale before, and Temasek also explored options including selling its stake. Hong Kong has been a busy market for listings, with more than US$32 billion raised in first-time share sales in 2025.
Dow Jones reported earlier on Nov 21 that Hutchison was planning a dual listing of AS Watson in Hong Kong and the UK, targeting the first half of 2026. BLOOMBERG
