CK Hutchison Holdings, the Hong Kong-based conglomerate founded by billionaire Li Ka-shing, is evaluating a possible spin-off and public listing of its global telecommunications assets, with London and Hong Kong emerging as leading options for a dual listing as early as the third quarter of this year.

Two people with direct knowledge of the discussions said the telecom portfolio — which spans operations in Europe, Southeast Asia and Hong Kong — could be carved out into a separate listed entity following a planned separation from the group’s broader operations.

The discussions are at an early stage, and any decision remains subject to board approval, with no final agreement reached.

Sources familiar with the matter said London is being considered as the primary venue for the flotation, with Hong Kong as a potential secondary listing location to capture investor interest closer to the company’s home base.

Financial institutions including Goldman Sachs, Citigroup and Deutsche Bank are advising CK Hutchison on the potential spin-off and listing strategy, although plans remain fluid and timing could change depending on market conditions and broader strategic developments.

The global telecommunications business, once integrated with the group’s extensive portfolio that includes retail and infrastructure assets, has become a focus for value extraction amid a shifting industry landscape and after major transactions such as the £16.5 billion merger of Three UK with Vodafone UK.

The new entity targeted for listing would bring together CK Hutchison’s telecom operations in eight markets, including major brands such as Three in Britain, Ireland and Sweden, as well as stakes in WindTre in Italy and Asian operations under the 3 brand.

The potential listing could position the telecom group for inclusion in major indices such as the FTSE 100 if it is admitted to the London Stock Exchange, offering heightened visibility to global investors.

However, sources cautioned that the process is complex, and internal deliberations continue over the optimal structure and timing.

The broader strategy to unlock shareholder value also includes moves in other parts of the conglomerate.

CK Hutchison last year announced the sale of its global ports business in a multi-billion-dollar transaction, underscoring a drive to refocus the group’s portfolio.

Executives have repeatedly stated that any proposed transaction will be evaluated with the goal of enhancing long-term returns for shareholders.

As discussions progress, the company has declined to comment publicly on the matter, underscoring the confidential nature of strategic planning at this stage.