According to reports, Watsons Group, a subsidiary of CKH HOLDINGS (00001), is considering a dual listing in Hong Kong and London before the end of this year, aiming to raise approximately $2 billion (around HKD 15.6 billion). The company is valued at $30 billion (approximately HKD 234 billion). The reports indicate that Watsons Group has engaged Goldman Sachs, UBS, and Latham & Watkins to advise on the IPO matters, with the primary listing location yet to be finalized. The Group's Chief Executive Officer, Malina Ngai, did not comment on the potential IPO plans, only emphasizing that the group's business model balances stability and flexibility amid uncertain geopolitical conditions. Last week, CKH HOLDINGS' Co-Managing Director, Kin Ming Li, stated that the board of CKH HOLDINGS has not yet made any decision regarding a potential listing of Watsons Group. Information shows that Watsons Group operates over 17,000 stores across 31 markets globally, including the UK's Superdrug and Germany's Rossmann pharmacy chains. The group also operates Watsons stores in Asia, including Mainland China, as well as grocery, wine, and electronics stores in Hong Kong, China. In terms of equity, CKH HOLDINGS currently holds approximately 75% of Watsons Group, while Singapore's sovereign wealth fund Temasek holds about 25%. CKH HOLDINGS has been divesting non-core assets in recent years to focus on its core infrastructure and telecommunications businesses. Financial data reveals that at the end of 2024, CKH HOLDINGS' total consolidated debt reached HKD 259.059 billion, with cash reserves of only HKD 129.445 billion, resulting in a debt coverage ratio below 50%. By the end of 2025, CKH HOLDINGS' total consolidated debt increased to HKD 265.099 billion, with cash reserves rising to HKD 151.310 billion, raising the debt coverage ratio to 57%.