Hong Kong conglomerate CK Hutchison Holdings is preparing one of the most significant retail stock market debuts of the year, as it seeks a valuation of around $30 billion for the A.S. Watson IPO in Hong Kong and London. According to people familiar with the matter, the group has already begun gauging investor interest and is aiming to complete the dual listing as early as the second quarter of this year, subject to market conditions.

The planned A.S. Watson IPO would mark a major strategic step for CK Hutchison, which is increasingly exploring ways to unlock value from its global portfolio of businesses, ranging from ports and telecoms to retail and infrastructure.

Global banks lead the A.S. Watson IPO

People who know what’s going on say that Goldman Sachs and UBS are helping CK Hutchison with the A.S. Watson IPO. Based on earlier media reports, the offering could bring in as much as $2 billion, which would make it one of the biggest retail listings in the world in the past few years.

The company wants to finish the it by the middle of the year, even though the schedule is still changing. Hutchison hasn’t made a formal announcement yet, but they’ve already started reaching out to investors, which suggests that preparations are well underway..

Temasek plans exit through A.S. Watson IPO

One important thing that has happened with the it is that Singapore’s sovereign wealth fund Temasek, which owns 25% of the retailer, plans to sell its stake. In 2014, Temasek put about $5.7 billion into A.S. Watson, which made the company worth about $22 billion at the time.

The fund tried to sell its share in 2019, but the deal never went through. The upcoming A.S. Watson IPO gives Temasek a long-awaited chance to sell its shares, possibly at a much higher price than it paid for them.

A.S. Watson’s global retail empire

A.S. Watson Group started in 1841 and is now one of the biggest health and beauty retail networks in the world. The company runs well-known brands like Watsons and Superdrug in Europe and Asia. It has more than 17,000 stores in 31 markets, which means it serves customers in a wide range of areas.

A recent statement from the company says that A.S. Watson now has more than 180 million loyalty members around the world and plans to open about 1,000 new stores this year. After the its ipo , this expansion plan, especially in newer areas like the Middle East and Southeast Asia, is expected to help the company grow.

The company made $24 billion in sales in fiscal 2024, which shows how big it is and how strong its position is in the global health and beauty market.

CK Hutchison’s broader value-unlocking strategy

The It is part of CK Hutchison’s bigger plan to reorganize and unlock value in its many businesses. Li Ka-shing, a billionaire from Hong Kong, started the group, which has been looking into selling assets and possible spin-offs.

CK Hutchison is in the process of selling its ports business for $22.8 billion to a group led by BlackRock and the Italian shipping company MSC. Beijing’s concerns about national security got political attention, which made CK Hutchison think about adding a Chinese investor to the deal.

The conglomerate has also been looking into the possibility of listing its global telecommunications assets, which could change the group even more after the IPO.

Retail business shows strong growth

A.S. Watson is a key part of CK Hutchison’s retail division, which has done well financially. In the first half of 2025, CK Hutchison’s retail business brought in HK$99 billion ($12.7 billion), which is 41% more than the same time last year. Before interest, taxes, depreciation, and amortization, earnings went up 19% to HK$13 billion.

These numbers show why investors are interested in the A.S. Watson IPO. The store’s strong cash flow, growing network of stores, and global brand portfolio make it a good choice for a high-profile listing.

Why the A.S. Watson IPO matters ?

If everything goes as planned, the IPO will be one of the biggest dual listings of the year, putting a huge global consumer retail company in front of Asian and European investors. It would also give CK Hutchison and Temasek a big chance to turn a business that has been growing steadily for decades into cash.

The IPO could change the way people invest in retail in both Hong Kong and London, as global markets look for high-quality consumer and retail names.

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