Li Ka-shing’s CK Hutchison is advancing a dual listing for retail giant AS Watson in Hong Kong and London by the end of 2026, targeting a $30 billion valuation and aiming to raise $2 billion, with Temasek planning to exit its 25% stake. AS Watson operates over 17,000 stores globally, with around 40% of the funds earmarked for overseas expansion and digital upgrades. Its UK unit Superdrug reported a 23% jump in 2024 pre-tax profits to 137 million pounds ($184 million). With investor sentiment recovering after geopolitical tensions disrupted early 2026 listings, AS Watson’s float could spearhead a major retail wave in London.

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