CK Hutchison Aims for $30 Billion Valuation in A.S. Watson Dual IPO

THE WHAT? CK Hutchison is seeking a valuation of around US$30 billion for the planned dual listing of its retail arm A.S. Watson Group in Hong Kong and London, according to sources. THE DETAILS The IPO is expected as soon as Q2, with the group reportedly aiming to complete the listing process by mid-year, although timing remains fluid. Goldman Sachs and UBS are said to be advising on the transaction, which could raise around US$2 billion. Singapore’s Temasek, which holds a 25 percent stake in A.S. Watson, is also reported to be considering an exit through the IPO. A.S. Watson operates major health and beauty retail chains including Watsons and Superdrug and has more than 17,000 stores across 31 markets, alongside a loyalty base of more than 180 million members. THE WHY? A.S. Watson’s listing would be one of the largest global retail IPOs in recent years and reflects rising investor interest in scaled health and beauty retail platforms. For CK Hutchison, the IPO could unlock value from its retail portfolio as it continues to evaluate wider asset reshaping and capital strategy across the group.