CK Hutchison Holdings Ltd., once again, is weighing an initial public offering for its health and beauty unit, AS Watson Group, according to sources familiar with the matter, stating that the Hong Kong conglomerate is in private talks with financial advisers about a potential listing that could take place as early as 2026.
The sale could raise at least $2 billion via a Hong Kong listing, with a dual listing in the UK also under consideration, one of the people added. AS Watson operates over 17,000 outlets in 31 markets, including Superdrug in the UK and Rossmann in Germany. The group’s portfolio also covers grocery, wine, and electronics shops in Hong Kong, as well as Watsons-branded health and beauty stores throughout Asia. Temasek Holdings Pte, Singapore’s state investment company, currently holds around a 25% stake in the business.
Discussions on the proposed offering remain at an early stage and a final decision on the size or structure has not yet been made, according to the sources. Hutchison and Temasek both declined to comment.
This is not the first time that Hutchison has reportedly evaluated an IPO for the retailer, but previous plans did not proceed.
