CK Hutchison Holdings Ltd is considering listing health and beauty retailer A.S. Watson Group, people familiar with the matter said.

The Hong Kong-based conglomerate has been speaking with financial advisers about a potential listing, which might take place as soon as next year, the people said, asking not to be identified because the talks are private. Watson could raise $2 billion or more in a Hong Kong listing, the people said. A dual listing in the United Kingdom may also be considered, one of the people said.

Watson has more than 17,000 stores in 31 markets, including the Superdrug chain in the UK and Rossmann pharmacies in Germany, according to its website. It also runs the Watsons chain of health and beauty shops across Asia, as well as grocery, wine and electronics stores in Hong Kong. Singapore investment firm Temasek Holdings Pte owns about 25 percent of Watson.

Considerations are preliminary and no final decisions have been made, including on the size of the potential offering, the people said.

Representatives for Hutchison and Temasek declined to comment.

Hutchison has considered a Watson share sale before, and Temasek’s also explored options including selling its stake. Hong Kong’s been a busy market for listings, with more than $32 billion raised in first-time share sales this year.

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Dow Jones reported earlier Friday that Hutchison was planning a dual listing of Watson in Hong Kong and the UK, targeting the first half of next year.