CKH HOLDINGS(HK:00001) Zheng Quan Shi Bao Wang·2026-01-15 11:14Core Viewpoint - CK Hutchison Holdings (长和) is advancing its plan to spin off its retail subsidiary, Watsons Group, aiming for a dual listing in Hong Kong and London with an estimated valuation of approximately $30 billion [1][2] Group 1: Company Overview - Watsons Group operates over 17,000 stores across 31 markets globally, including chains in mainland China, Hong Kong, the UK (Superdrug), and Germany (Rossmann) [1] - The retail segment of Watsons Group reported total revenue of HKD 98.84 billion (approximately RMB 90.2 billion) for the first half of 2025, reflecting a year-on-year growth of about 8% [1] - However, revenue in China totaled HKD 6.666 billion (approximately RMB 6.1 billion), showing a year-on-year decline of approximately 3% [1] Group 2: Expansion Plans - Watsons Group plans to open around 1,000 new stores in 2026, investing HKD 3.8 billion in store expansion, upgrades, retail technology, and supply chain optimization [2] - The initiative aims to expand its global business network and enhance the integration of online and offline channels through a digital platform [2] Group 3: Market Context and Strategic Considerations - The IPO plan for Watsons Group has faced delays due to the pandemic and a weak new stock market in recent years, but the current market conditions in Hong Kong are favorable for IPOs [2] - The company aims to raise $2 billion through the IPO, which will strengthen its financial foundation and support strategic transformation [3] - For CK Hutchison, promoting the dual listing of Watsons Group is a key strategy to unlock the value of its core quality assets [3]