Core 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 (around HKD 15.5 billion) and potentially achieving a valuation exceeding $30 billion (approximately RMB 212.39 billion) [2] Group 1: Company Overview - Watsons Group, founded in 1841 in Hong Kong, is a leading international health and beauty retail group and has been a core retail business of CK Hutchison since its acquisition in 1981 [2] - The company has expanded aggressively in the Chinese market and has acquired several well-known international beauty brands [2] - Watsons Group operates over 17,000 stores across 31 markets, serving more than 6 billion customers annually through both offline and online platforms [2] Group 2: Financial Performance - 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% [3] - The total number of global stores reached 16,935, and the loyalty membership exceeded 175 million, with exclusive product sales accounting for 36% of total sales [3] - However, the 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 [3]

Core 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].

Core Viewpoint - The company plans to list its subsidiary, Watsons Group, in Hong Kong and the UK, aiming to raise up to $2 billion [2] Group 1: IPO Plans - The IPO preparations for Watsons Group are currently underway, with an expected launch in the first half of next year [2] - The anticipated fundraising amount from the IPO could reach as high as $2 billion [2] Group 2: Company Overview - Watsons Group, established over 180 years ago, claims to be the largest health and beauty retailer globally, operating 17,000 stores across 31 markets [2] - The group’s brands include Watsons, ParknShop, Fortress, and Watson's Wine [2] Group 3: European Presence - In Europe, Watsons Group owns several leading health and beauty retailers such as Kruidvat, Superdrug, Rossmann, Savers, Trekpleister, and Drogas [2] - The group also possesses premium fragrance and cosmetics brands like ICI Paris XL and The Perfume Shop [2]