CKH HOLDINGS(HK:00001) 21世纪经济报道·2025-11-26 11:08Core Viewpoint - 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) and potentially achieving a valuation exceeding $30 billion (approximately RMB 212.39 billion) [1][2]. Group 1 - Watsons Group was founded in Hong Kong in 1841 and is a well-known international health and beauty retail group [2]. - The group was acquired by Li Ka-shing in 1981 and has since expanded aggressively, particularly in the Chinese market, acquiring several international beauty brands [2]. - As of the first half of 2025, Watsons contributed HKD 98.84 billion in total revenue to the retail segment of CK Hutchison, representing a year-on-year growth of 8%, with EBITDA reaching HKD 7.974 billion, up 12% [2]. Group 2 - Despite overall growth, Watsons' business in China faced challenges, with total revenue declining by 3% and a net reduction of 145 stores, alongside a 1.0% drop in same-store sales [2]. - The company operates over 17,000 stores across 31 markets, serving more than 6 billion customers annually through both offline and online platforms [2].