屈臣氏再闯IPO：李嘉诚的零售帝国迎来关键时刻

Group 1 - Watsons is planning to go public in Hong Kong and the UK, aiming to raise up to $2 billion, with preparations expected to start in the first half of next year [1][2] - This marks Watsons' third attempt at an IPO, following previous plans in 2014 and 2024, but the current market presents unprecedented challenges [1][2] - The Hong Kong IPO market has significantly recovered since 2025, with new stock financing reaching HKD 216 billion in the first ten months, more than doubling from the previous year [2] Group 2 - The independent listing of Watsons is expected to unlock undervalued asset value for the parent company, CK Hutchison, which currently has a near-zero implied valuation for its unlisted businesses [3] - Listing will provide much-needed funds for Watsons' strategic transformation and help attract and retain talent through equity incentives [3] - Watsons operates 17,000 stores across 31 markets, serving over 6 billion customers annually [3] Group 3 - In the first half of 2025, Watsons' global revenue increased by 8% year-on-year to HKD 98.84 billion, indicating signs of recovery [4] - The European market has become a growth engine, with revenue reaching HKD 60.70 billion, a 10% increase year-on-year, while the Asian market (excluding China) also performed well with a 12% revenue growth [4] - In contrast, Watsons' revenue in China fell by 3% to HKD 6.67 billion, with EBITDA plummeting by 53%, marking six consecutive years of revenue decline in the Chinese market [4] Group 4 - Watsons once thrived in the Chinese market, establishing a strong brand presence and expanding rapidly from 2009, reaching 1,700 stores by 2014 [5] - The company had significant bargaining power with brands, requiring various fees for shelf space, which contributed to its profitability [6] - However, since 2015, Watsons has faced declining sales and store closures, with online channels and new beauty retail formats posing significant challenges [7][9]