When considering a conglomerate with interests as varied as Hutchison Whampoa’s (ports, property, phones, pharmacies and a few less alliterative others) a little data triangulation helps. Take these three points: the shares are up 37 per cent since a late-June low; analysts have raised valuations by a quarter over that time; its forward price/earnings ratio has risen 14 per cent, beating the Hang Seng’s 5 per cent.

The stock has, in short, undergone a re-rating and the reason is structural: the possibility of a partial spinout from the company’s retail business.

Watsons is the largest pharmacy chain in China, with about a fifth of the market. It is growing fast. Hutchison also has the biggest share of the European market via Watsons, Superdrug and Kruidvat, among others. Valuations of the unit are hovering around $25bn, or 1.3 times 2013 sales. Hutchison says it has not decided whether to list.