27 February 2020

Hutchison Whampoa may spin off Watsons, paper says

Hutchison Whampoa Ltd. (00013.HK) may spin off its retail unit Watsons and list it on the Hong Kong stock exchange’s main board after the sale of the conglomerate’s ParknShop grocery chain, the Hong Kong Economic Times reported Wednesday, citing a source with knowledge of the matter. The company is expected to raise US$8 billion to US$10 billion through the public offering. A Hutchison Whampoa spokesman refused to comment, the report said. Watsons intends to expand its mainland business by focusing on consumer staples that offer higher margins, an unnamed business insider was quoted as saying.

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