CK Hutchison taps Goldman Sachs, UBS for AS Watson IPO, Bloomberg News reports

Hong Kong-based CK Hutchison (0001) has picked Goldman Sachs and UBS Group AG to work on the planned initial public offering of its unit A.S. Watson Group, Bloomberg News reported on Friday, citing people familiar with the matter.

The ports-to-telecoms conglomerate is working with the banks on a dual share sale for health and beauty retailer A.S. Watson in Hong Kong and London, the report said.

Hong Kong notched its strongest IPO year since 2021 in 2025, with 114 new listings raising US$36.5 billion (HK$284.7 billion), according to data compiled by LSEG.

A.S. Watson operates health and beauty retail chains including Watsons and Superdrug across Asia and Europe. It has more than 17,000 retail stores in 31 markets, according to its website.

Bloomberg News has previously reported that the A.S. Watson listing could take place this year and raise US$2 billion or more.

Discussions are ongoing and details on timing and deal size remain preliminary, the report said on Friday.

REUTERS