Hong Kong‑based AS Watson, the retail arm of CK Hutchison Holdings, is moving ahead with a planned dual listing in London and Hong Kong valued at roughly $30bn. The group aims to raise about $2bn by selling shares in second half of the year, as a push, despite market turbulence from Middle‑East conflict and equity sell‑offs. Advisors include Goldman Sachs, UBS and Latham & Watkins.

Chief executive Malina Ngai, touring globally for the company’s 185‑year anniversary, declined comment on timing but stressed the need to showcase AS Watson’s scale. The retailer runs 17,000 stores across 31 markets, employing 140,000 staff and generating HK$209bn (£19.9bn) in revenue with EBITDA of HK$18.2bn (£1.7bn). A dual IPO could inject fresh capital into London’s stalled equity market.

The listing arrives as rival Boots prepares for a possible carve‑out from Walgreens Boots Alliance, targeting a £7bn valuation. Both IPOs would diversify investor exposure to health‑and‑beauty retail and could revive demand for large‑cap offerings in Europe. With CK Hutchison also weighing a separate telecom flotation, the group is positioning distinct assets for different capital markets.