Hong Kong conglomerate CK Hutchison Holdings is moving forward with plans for a dual listing of its retail arm, A.S. Watson Group, targeting a valuation of around $30 billion in the second quarter of 2026, according to sources familiar with the matter. The dual initial public offering in Hong Kong and London is expected to raise about $2 billion and is part of the group’s strategic efforts to unlock shareholder value and monetise its global retail footprint.

Goldman Sachs and UBS are advising Hutchison on the deal, while Singapore’s Temasek — a major investor — plans to exit its 25 percent stake through the offering. A.S. Watson, which operates more than 17,000 stores in over 30 markets under brands such as Watsons and Superdrug, has reported strong revenues and expanding market reach, particularly in Southeast Asia and the Middle East. Analysts say the IPO could energise investor interest in regional retail stocks and reflect broader appetite for consumer brands with global exposure.

Market participants highlight that the timing and scale of the listing could set benchmarks for other conglomerates considering spin-offs in 2026.

Some investors also see the IPO as a test of market depth in both Hong Kong and London, given global volatility and evolving investor risk appetite.

Despite enthusiasm, the company must balance growth prospects with operational costs and competitive pressures in key markets, particularly as consumer patterns shift in post-pandemic economies.

If successful, the A.S. Watson float could become one of Asia’s highest-profile offerings this year, bolstering CK Hutchison’s strategic pivot toward value creation.