UBS Group AG and Goldman Sachs have been named financial advisors for CK Hutchison Holdings’ A.S. Watson Group IPO, a move that will see the pharmacy and health‑care retailer raise more than US$2 billion through a dual listing in Hong Kong and London. A.S. Watson operates over 17,000 stores in 31 markets, making it one of the largest health‑care retail chains in Asia and Europe.
The appointment underscores UBS’s strategy to deepen its presence in Hong Kong and the broader Asia‑Pacific region. UBS has been expanding its investment‑banking footprint in APAC, recently appointing new leaders and winning other high‑profile deals. Partnering with Goldman Sachs signals a collaborative approach to complex cross‑border transactions and positions UBS against rivals such as JPMorgan and Morgan Stanley.
The A.S. Watson IPO is a significant event for the retail sector. CK Hutchison’s decision to pursue the listing follows a period of strong IPO activity in Hong Kong, where the market raised record capital in 2025. The dual‑listing strategy aims to tap both Asian and European investors, potentially enhancing valuation and liquidity.
From a business perspective, the deal offers UBS a sizable fee opportunity and a foothold in a key market for retail‑sector listings. The partnership also reflects UBS’s broader push to capture growth in high‑margin retail and consumer sectors, which have shown resilience amid global economic uncertainty.
CK Hutchison’s CFO said the IPO would provide capital to fund expansion and strengthen the balance sheet, while UBS’s head of Asia‑Pacific investment banking highlighted the firm’s expertise in cross‑border listings and its commitment to delivering value to clients.
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