According to media citing sources, CK Hutchison Holdings Limited (“CK Hutchison”) is considering spinning off its subsidiary Watsons Group and arranging dual listings in Hong Kong and the United Kingdom, with an expected fundraising scale of up to US$2 billion.
In response to market rumors, CK Hutchison said it “does not comment on any market speculation or rumors.”
It is understood that CK Hutchison had previously paused Watsons Group’s listing plans due to the impact of the pandemic and weak investor sentiment in the IPO market at the time. With the recent recovery in global IPO activity and the return of investor confidence, the plan to spin off and list Watsons has resurfaced and could launch as early as the first half of 2026.
Sources emphasized that Watsons’ listing plan is still in a preliminary assessment stage and no final decisions have been made. Specific details—including offering size and timeline—have yet to be determined.
Notably, as early as 2024, there were already reports about a potential Watsons IPO. At that time, Temasek, which holds a stake in Watsons, stated that the listing plan remained intact and unchanged in its objectives, but that the final decision on timing, venue, and fundraising amount would be made by the company’s board and management.
Public information shows that Watsons Group, founded in 1841, is a globally recognized health and beauty retailer. It currently operates more than 17,000 stores across 12 brands in 31 markets, serving over 6 billion customers annually through offline and online channels.
According to CK Hutchison’s financial report for the first half of 2025, the retail division comprising Watsons Group companies recorded total revenue of HK$98.84 billion, up 8% year-on-year. Despite better global performance, its revenue in China reached HK$6.666 billion, down 3.1% year-on-year. The announcement noted that China’s health and beauty product business will continue to face headwinds in the second half of the year.
