屈臣氏集团旗下品牌包括健康及美容专卖店屈臣氏、百佳超市、丰泽、以及葡萄酒专卖店Watson's Wine；在欧洲，屈臣氏集团旗下拥有众多领先的健康及美容零售商，例如Kruidvat、Superdrug、 Rossmann、Savers、Trekpleister和Drogas；此外集团还拥有高级香水及化妆品品牌ICI Paris XL和The Perfume Shop。 屈臣氏集团的股权结构显示，其由长和持股约75%、淡马锡持有约25%股权。该集团创立于180多年 前，自称是全球门市数量最多的健康及美容零售商，其在31个市场拥有17,000家在线线下门市。 智通财经APP获悉，据媒体引述知情人士称，长和(00001)已选择由高盛、瑞银来推进其屈臣氏集团的 IPO事宜。知情人士表示，屈臣氏集团正与投行合作，研究香港和伦敦双重上市。相关讨论仍在进行 中，IPO规模和时间等细节尚属初步计划。 据此前媒体报道，长和计划将旗下屈臣氏集团在香港和英国两地上市，预计集资高达20亿美元。 ...

— 以「分论坛赞助商」身份参会，向香港金融监管机构及上市公司高管验证技术实力 区块链专业企业 BEATOZ于12日表示，公司以分论坛赞助商（Section Sponsor）身份，参加了在香港会议展览中心（HKCEC）举行的"第九届香港独立非执 行董事协会（HKiNEDA）年度大会 2025"，并成功展示了其在香港金融市场中的技术竞争力。 HKiNEDA 年度大会是香港最具权威性的企业治理盛会之一，汇聚了来自香港及中国内地上市公司的独立董事、C-level 高管，以及法律、会计等专业人士， 共同探讨企业治理标准。今年大会在 香港证券及期货事务监察委员会（SFC）主席黄天佑（Kelvin Wong）、会计及财务汇报局（AFRC）主席孙德基 （David Sun） 等主要金融监管机构负责人出席的背景下，围绕"双重上市（Dual Listing）、数字资产时代以及 AI 风险中的机遇与挑战" 这一主题展开了深 入讨论。 在"金融科技（FinTech）"分论坛中，BEATOZ 作为主题演讲嘉宾，发布了可同时应对双重上市监管挑战与 AI 风险管理需求的 "监管友好型混合区块链 （Regulatory-Friendly H ...

2025年3月，纳斯达克宣布在达拉斯设立其在美国的首个区域总部。仅仅八个月后，纳斯达克在德州的战略布局再次升级——计划于2026年下半年推出纳 斯达克德州交易所，这是一个允许企业"双重上市"的创新平台。 这一系列动作不仅是纳斯达克对美国金融地理格局变迁的战略响应，更标志着德克萨斯州正加速崛起为美国的"第二金融中心"，为中国企业带来了前所未 有的资本市场新机遇。 壹、纳斯达克深度布局德州：战略蓝图解析 （一）达拉斯区域总部：南部的枢纽 2025年3月18日，纳斯达克在达拉斯设立的区域总部，成为其服务德州及美国东南部的核心枢纽。该总部由高级副总裁瑞秋・拉茨领导，职能远超传统上 市服务，更聚焦于金融科技解决方案和金融犯罪管理，帮助企业打击欺诈和洗钱活动。 （二）纳斯达克德州交易所：双重上市创新 2025年11月，纳斯达克宣布计划推出"纳斯达克德州交易所"，其核心创新在于双重上市机制：企业无需放弃原有主要上市地位，即可同时在德州挂牌，接 触美国南部市场的独特资本池。这种"一脚踩两船"模式，为已在其他市场上市的企业开辟了全新选项。 （三）德州金融新格局："Y'all Street"的崛起 德州正形成被称为"Y'all ...

转眼间，2025已然进入到年末尾声。纳斯达克IPO市场的热度丝毫未减，反而以"超预期"的表现打响年末收官战。在本年度不到三个月的时候，全年IPO数 量已达277家，较2023-2024年实现量级跃升；募资总额突破500亿美元，22家大型IPO企业融资额超5亿美元，彰显在全球资本地位上的强烈信心。 华谊信资本表示，自SEC重启后，仍有多家企业密集递表，美股IPO热潮有望延续至2026年。 美股IPO市场回暖迹象明显，同时新双重上市交易所将成"强心剂" 美股IPO市场的回暖并非短期脉冲，而是多重信号共振的结果。从市场基本面来看，第三季度企业盈利"超预期率"创16年新高，小市值公司利润逐步复苏， 关税影响可控，为IPO市场筑牢基本面支撑。从市场节奏来看，虽第二季度经过短期小幅度下滑，但第三季度就到达了三年半以来的最高点，且这一势头有 望持续到2026年初。 具有前瞻性的"IPO Pulses"就表现出IPO活动的核心指标，其指数已连续五个月上涨，达到八个月来的最高点。自四月起，该指数的复苏与美国IPO活动的回 暖同步——后者从第二季度的小幅下滑，回升至第三季度的三年半高点（64家）。随着9月IPO Pulse指数进 ...

Core Viewpoint - CK Hutchison Holdings (0001.HK) is considering a dual listing for its subsidiary, Watsons Group, in Hong Kong and the UK, with an IPO planned for the first half of next year [1]. Group 1: Company Background - Watsons, founded in 1841, is a historic health and beauty retail group acquired by Li Ka-shing in 1981 [4]. - In 2014, CK Hutchison sold 24.95% of Watsons Group to Singapore's Temasek for HKD 44 billion, making Temasek the second-largest shareholder [4]. Group 2: Financial Performance - CK Hutchison's retail business, which includes Watsons, reported a revenue increase of 4% to HKD 190.19 billion for 2024, with EBITDA rising 1% to HKD 16.395 billion [5]. - However, the Chinese market for health and beauty products saw an 18% revenue decline, while other Asian markets grew by 6% and European markets by 8% [5]. - EBITDA for the Chinese market dropped by 55%, negatively impacting overall profitability in Asia, while Europe saw a 9% increase [5]. Group 3: Market Challenges - The Chinese market is the only region where Watsons experienced declines in revenue, profitability, and store count, with a 3% revenue drop and a 53% EBITDA decline in the first half of 2025 [7]. - As of June 30, 2025, the total number of retail stores globally increased by 2% to 16,935, but the number of stores in China decreased by 4% to 3,630 [7]. - CK Hutchison indicated that the health and beauty business in China will continue to face challenges in the second half of the year, prompting Watsons to enhance its value positioning and optimize store locations [7].

据长和发布的2025年上半年财务报告，屈臣氏集团旗下公司组成的零售部门，收益总额988.4亿港元， 同比增长8%。尽管全球表现较佳，但其在中国收益总额为66.66亿港元，同比下滑3.1%。 消息面上，据媒体援引知情人士报道，长和正考虑将旗下屈臣氏进行双重上市，筹资或高达20亿美元。 知情人士透露，屈臣氏集团于香港和英国上市的基础工作已在进行中，首次公开募股(IPO)计划于明年 上半年进行。据了解，若进程顺利，其估值有望突破300亿美元，成为港股近年来最大消费零售IPO之 一。 长和(00001)盘中涨超3%，截至发稿，涨2.25%，报54.65港元，成交额2.85亿港元。 ...

Core Insights - CK Hutchison Holdings is considering a dual listing for its subsidiary, Watsons, aiming to raise up to $2 billion [1] - The IPO is planned for the first half of next year, with a potential valuation exceeding $30 billion, making it one of the largest consumer retail IPOs in Hong Kong in recent years [1] Company Overview - Watsons Group, founded in 1841, is a leading global health and beauty retailer operating over 17,000 stores across 31 markets, serving more than 6 billion customers annually through both online and offline platforms [1] - The retail segment of Watsons reported total revenue of HKD 98.84 billion for the first half of 2025, reflecting an 8% year-on-year increase [1] - However, revenue in China decreased by 3.1% to HKD 6.666 billion, indicating ongoing challenges in the health and beauty product sector in that market [1] Parent Company Information - Watsons Group is a member of CK Hutchison Holdings, which operates in 50 countries and regions across four core businesses: ports and related services, retail, infrastructure, and telecommunications [1] - As of November 21, CK Hutchison Holdings has a total market capitalization of HKD 205 billion [1] Previous Listing Discussions - In 2024, there were previous discussions regarding Watsons' potential listing, with Temasek, a sovereign wealth fund holding shares in Watsons, confirming that the listing plan remains intact, although the final decision on timing and details lies with Watsons' board and management [2]

Core Viewpoint - Singapore has announced a new policy allowing companies to submit a single set of documents to list simultaneously on both the Singapore Exchange (SGX) and the Nasdaq, aimed at enhancing the appeal of top tech companies in the region [1][3]. Group 1: New Listing Framework - The SGX will launch a "Global Listing Board" in mid-2026, providing a unified and simplified "cross-Pacific financing framework" for companies with a market capitalization of at least 2 billion SGD (approximately 10.8 billion RMB) [1][3]. - Eligible companies will only need to fill out one set of documents to meet the regulatory requirements of both exchanges [3]. Group 2: Market Context and Competitiveness - The new framework is introduced against the backdrop of Singapore's struggles as a major financial hub, with insufficient market liquidity leading some tech companies to opt for direct listings in the U.S. [4]. - In comparison, Hong Kong has seen significantly higher IPO activity, with 80 IPOs raising over 26 billion USD in the first ten months of the year, highlighting the competitive landscape [4]. Group 3: Investor Benefits - The dual listing framework is expected to benefit investors by allowing nearly round-the-clock price discovery and risk management, with options to trade in either USD or SGD [3]. - The Monetary Authority of Singapore (MAS) reported that the average daily trading volume in the local stock market reached 1.53 billion SGD in Q3, the highest level since Q1 2021 [5].

Core Insights - The new cross-border listing framework aims to attract tech growth companies from Asia to the IPO market, enhancing access to global capital [2][4] - The initiative is expected to launch by mid-next year, pending regulatory approval, and is designed to streamline the IPO process for issuers [3][4] - There is a growing pipeline of over 30 companies preparing for IPOs on SGX, indicating a robust market environment [13] Group 1: IPO Market Dynamics - The IPO market has seen a turnaround recently, with $2.4 billion raised in the third quarter across various companies, including SaaS firms [8] - The framework will provide a single set of documents for issuers, simplifying the regulatory obligations [3] - Companies like Grab and Sea, which previously listed overseas, may consider returning to the local market due to this new mechanism [4] Group 2: Market Opportunities - There is significant interest from unicorns and tech companies in Southeast Asia looking to list, supported by venture capital and private equity [5][10] - The SGX is positioned to attract Chinese companies seeking to expand their footprint outside of China, leveraging multiple listing pathways [9] - The introduction of the Next 50 Index aims to enhance the representation of tech and AI companies within the market [11] Group 3: Future Growth Projections - The company anticipates revenue growth of 6 to 8% over the medium term, with plans to expand its FX business and launch new financial products [14][15] - The ongoing consultations with the ecosystem indicate a positive sentiment among companies looking to IPO, which is expected to bolster the market further [6][7] - The company is exploring acquisitions to strengthen its multi-asset platform, focusing on commodities and risk management tools [16][17]

Core Viewpoint - The collaboration between the Singapore Exchange and Nasdaq for dual listing may enhance the valuation of Singaporean companies [1] Group 1: Dual Listing Initiative - The Singapore Exchange and Nasdaq are seeking to simplify dual listing requirements for companies with a market capitalization of at least SGD 2 billion [1] - The initiative is set to launch in mid-2026 [1] - This dual listing bridge is considered significant for high-value cases [1] Group 2: Market Impact - The collaboration may attract a number of new economy companies to Singapore [1] - It could help differentiate Singapore from its competitor, Hong Kong [1] - The latest closing price of the Singapore Exchange shares was SGD 16.80, reflecting a decrease of 0.1% [1]