Hutchison stays mum on US$23 billion step-back from global ports amid Panama controversy

South China Morning Post

20-03-2025

CK Hutchison Holdings , controlled by one of Hong Kong's wealthiest families, remained silent on its US$23 billion plan to step back from its mainstay business of running many of the world's container ports amid a brewing controversy over its exit.
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The company did not say whether it would proceed with its
March 4 proposal to sell its interest in 43 ports and 199 berths in 23 countries to New York-based BlackRock and its unit Global Infrastructure Partners (GIP).
China's central government has delivered a
stinging rebuke to the proposal via an op-ed in a state-run newspaper that was reposted by Beijing's top office in Hong Kong, calling the idea a 'betrayal' to all Chinese people.
Given its first opportunity to respond to the rebuke, Hutchison stayed silent. The company cancelled its usual post-earnings media conference and briefing call with securities analysts, without giving a reason.
'No event occurring up to the date of approval' of its latest annual financial statements that might require disclosure had been identified, according to Hutchison's statement to the Hong Kong stock exchange, signed by chairman
Victor Li Tzar-kuoi . That leaves the onus on shareholders to question the company on May 22, when Hutchison holds its annual general meeting in Hong Kong.
Chairman Victor Li Tzar-kuoi is the elder son of billionaire Li Ka-shing. Photo: John KC Lee
'Looking ahead to 2025, there may be headwinds with supply chain disruptions anticipated in the early part of the year due to shipping lines transitioning into their new alliances, as well as ongoing geopolitical risk impacting global trade', Li said in his statement.