传屈臣氏上市计划重启，拟集资20亿美元加速国际化布局

Core Viewpoint - CK Hutchison Holdings Limited (referred to as "CK Hutchison") is planning to spin off its retail business, Watsons Group, for a dual listing in Hong Kong and the UK, aiming to raise approximately $2 billion (around HKD 15.6 billion) by the first half of 2026, marking a significant step in its decade-long preparation for an IPO [2]. Group 1 - Watsons has initiated pre-listing preparations, with the IPO expected to be one of the largest retail listings in Hong Kong in recent years [2]. - The company has a historical background dating back to 1841 and has developed into one of the largest health and beauty product retailers globally since its acquisition by CK Hutchison in 1981 [2]. - Currently, Watsons operates approximately 17,000 stores across 31 markets, with a revenue exceeding $24 billion in 2023, serving over 6 billion customers annually through its online and offline platforms [2]. Group 2 - The dual listing in Hong Kong and London is intended to enhance liquidity and attract a diverse range of investors, particularly given that approximately 70% of its revenue comes from European operations, making the UK listing strategically significant [3]. - The current recovery in the Hong Kong IPO market and the retail sector's resurgence are seen as favorable conditions for Watsons' listing [2][3]. - The ability of Watsons to leverage capital market resources to further expand its global business is a focal point of market interest [3].