CKH HOLDINGS (00001.HK) is reportedly 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 (HKD 15.5 billion). If successful, the IPO could value Watsons at over $30 billion (RMB 212.39 billion), making it one of the largest consumer retail IPOs in Hong Kong in recent years.

However, CKH HOLDINGS declined to comment on market speculation.

Founded in Hong Kong in 1841, Watsons Group is a globally recognized health and beauty retailer. Acquired by Li Ka-shing in 1981, it became a core retail division under CKH HOLDINGS. The company expanded aggressively in China and acquired several international personal care and cosmetics brands.

In 2014, CKH HOLDINGS sold a 24.95% stake in Watsons to Singaporean investment firm Temasek for HKD 44 billion, making Temasek the second-largest shareholder.

Watsons Group operates over 17,000 stores across 31 markets under brands such as Watsons health and beauty stores, PARKnSHOP supermarkets, Fortress electronics, and Watson’s Wine. It serves over 6 billion customers annually through online and offline channels.

According to CKH HOLDINGS’ H1 2025 financial report, Watsons contributed HKD 98.84 billion in retail revenue, up 8% YoY, with EBITDA rising 12% to HKD 7.97 billion. The group’s global store count reached 16,935, with loyalty members exceeding 175 million. Exclusive product sales accounted for 36% of total revenue.

However, Watsons’ China business remained under pressure, with total revenue declining 3% YoY, a net reduction of 145 stores, and same-store sales down 1.0%.

Market rumors about a Watsons IPO have circulated multiple times. In 2024, former Temasek Deputy CEO Chia Song Hwee reiterated the group’s IPO plans.

As of November 26, CKH HOLDINGS (00001.HK) closed at HKD 55.2 per share, up 0.73%.