CK Hutchison is said to pick Goldman Sachs, UBS for Hong Kong-London IPO of Watson Group

CK Hutchison Holdings has picked Goldman Sachs and UBS Group to work on the planned initial public offering (IPO) of global health and beauty retailer AS Watson Group, sources familiar with the matter said.

The conglomerate owned by billionaire Li Ka-shing is working with the banks on a dual share sale in Hong Kong and London, the sources said, asking not to be identified because the information is private.

Bloomberg News has previously reported that the listing might happen this year and raise US$2 billion or more.

Deliberations are ongoing and details such as the IPO size and timing are preliminary, the sources said.

A representative for Hutchison did not respond to a request seeking comment. Goldman Sachs and UBS declined to comment.

Watson is one of the world’s largest health and beauty retailers, with over 17,000 stores in 31 markets, including the Superdrug chain in the UK and Rossmann pharmacies in Germany. It also runs Watson’s health and beauty shops across Asia, as well as grocery, wine and electronics stores in Hong Kong.

Temasek Holdings owns about 25 per cent of the company.

A successful listing would mark the culmination of a plan that’s been considered for more than a decade and coincide with a boom in share sales in Hong Kong, although concurrent dual listings involving the Asian financial hub have been rare.

Almost US$39 billion was raised through first-time share sales in the city last year, a four-year high, and there’s widespread optimism that 2026 will be another banner year.

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KPMG expects Hong Kong listings to raise up to US$45 billion this year. London, however, has had an IPO drought and is no longer one of the world’s top listing venues, despite a late burst of activity at the end of 2025. BLOOMBERG

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