CKH HOLDINGS(HK:00001) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-26 10:22Group 1 - The core point of the article is that CK Hutchison Holdings is planning a dual listing for its subsidiary, Watsons Group, in Hong Kong and the UK in the first half of 2026, aiming to raise approximately $2 billion (about HKD 15.5 billion) [1][2] - If the IPO process goes smoothly, Watsons Group's valuation is expected to exceed $30 billion, making it one of the largest consumer retail IPOs in Hong Kong in recent years [1] - Watsons Group, founded in 1841 in Hong Kong, is a well-known international health and beauty retail group and has been a core retail business of CK Hutchison since its acquisition in 1981 [1][2] Group 2 - According to CK Hutchison's financial report for the first half of 2025, Watsons contributed total retail revenue of HKD 98.84 billion, a year-on-year increase of 8%, with EBITDA reaching HKD 7.974 billion, up 12% [2] - The total number of global stores reached 16,935, and the number of loyal members surpassed 175 million, with exclusive product sales accounting for 36% of total sales [2] - However, Watsons' business in China faced challenges, with total revenue declining by 3% and a net reduction of 145 stores, alongside a 1.0% decrease in same-store sales [2]