CK Hutchison delays AS Watson dual listing to 2027, targets US$30b valuation: report

CK Hutchison has postponed the dual listing of its health and beauty chain AS Watson in Hong Kong and London to 2027, aiming for a US$30 billion valuation, pending China's cybersecurity approval. The delay follows broader IPO market cooling in Europe and the US, with several companies suspending or

CK Hutchison (0001) has postponed the dual listing of its health and beauty retail chain AS Watson in Hong Kong and London to 2027, with an expected valuation of about US$30 billion (HK$234 billion), the Financial Times reported on Monday. The delay is mainly due to China's regulatory procedures, the report said.

The listing application has received approval from the China Securities Regulatory Commission but is still awaiting clearance from China's cybersecurity watchdog, according to the report, which cited people familiar with the matter. CK Hutchison is seeking to raise about US$2 billion in the original share sale plan, with Singapore's Temasek, a shareholder, also expected to offload parts of its stake, the report added.

In July, the Hong Kong-based conglomerate said no decision had been made on an initial public offering (IPO) of AS Watson or its timing. The postponement comes amid a cooldown in European and American IPO markets, the Financial Times noted.

Several companies have suspended or delayed their listing plans in recent weeks. Petrol station empire EG Group, nuclear services company Holtec, and data centre developer SB Energy all suspended their planned US IPOs. British book retailer Waterstones, online travel agent Loveholidays, and Bamboo Insurance delayed their London listing plans, according to the report.

The report also said that two artificial intelligence giants, Anthropic and OpenAI, postponed their listing plans to mid-November and next year, respectively, further dampening overall market sentiment.