Latest news with #CKHutchisonHoldings'
South China Morning Post
28-04-2025
- Business
- South China Morning Post
Hutchison ports deal: China's foreign ministry tells parties to ‘act prudently'
China's foreign ministry has urged all parties in the controversial sale of CK Hutchison Holdings' overseas ports to 'act prudently' and stay in touch with Beijing amid a report that the Hong Kong conglomerate's two Panama Canal facilities may be separated from the deal. Advertisement Foreign ministry spokesman Guo Jiakun said on Monday that authorities had taken note of the media report that the family behind the Mediterranean Shipping Company (MSC) was in talks to press on with the US$23 billion deal after carving out the Panama ports. He added that the ministry was aware of concerns raised by China's market regulator. 'China firmly opposes any use of economic coercion or bullying that undermines the legitimate rights and interests of other countries. We hope relevant parties will act prudently and maintain sufficient communication with Chinese authorities,' Guo said. 'At the same time, we would like to reiterate that China remains committed to reform and opening up, and welcomes foreign companies to invest in China.' Advertisement Echoing the response by the State Administration for Market Regulation, which released a statement on Sunday over the same report, Guo said Chinese authorities would investigate the deal in accordance with the law and warned all parties involved not to circumvent the process.
South China Morning Post
09-04-2025
- Business
- South China Morning Post
Can Panama's port concession audit give Hutchison a way out of geopolitical storm?
Panama's sweeping financial audit of CK Hutchison Holdings' decades-long canal concession could provide the embattled Hong Kong conglomerate with an 'acceptable' justification for relinquishing its ports in the country, international relations experts have said. Advertisement But they said questions remained about how the audit would affect the rest of a US$23 billion ports deal between tycoon Li Ka-shing's conglomerate and a consortium led by US investment firm BlackRock. Some argued there was no 'risk-free' exit for the Hong Kong company now that it was under pressure from three sides. Anel Flores, Panama's comptroller general, presented the results of the sweeping financial audit on Tuesday, in which he accused CK Hutchison of depriving the country of more than US$1.3 billion through the decades-old port concession. He also described the concession as being 'negotiated against the republic'. Advertisement His team also said it found evidence of accounting irregularities and the use of phantom companies linked to CK Hutchison's Panama Ports Company.
South China Morning Post
02-04-2025
- Business
- South China Morning Post
How can Beijing antitrust probe affect Panama ports sale if Hutchison delays signing?
China's market regulator could impose conditions on CK Hutchison Holdings' sale of its overseas ports upon the completion of an antitrust probe, which may lead to the emergence of a new buyer if the time limit on the deal has passed, legal experts and a political analyst say. Advertisement They also explained that the national antitrust law empowered the regulator to investigate cases involving other jurisdictions, and so the probe would not undermine the 'one country, two systems' governing principle in Hong Kong. The deal came under attack again from pro-Beijing media on Tuesday, with the Ta Kung Pao newspaper publishing an editorial urging the Li Ka-shing conglomerate to halt the sale, as well as an article naming lawmakers who were opposed to the deal. The transaction involves CK Hutchison selling its 43 overseas ports, including the two at each end of the Panama Canal, to a consortium led by United States investment firm BlackRock for US$23 billion. The conglomerate would receive US$19 billion in cash. The Hong Kong and Macau Affairs Office and the liaison office posted the article on their websites, keeping up pressure on the company for a third straight week by sharing such critical pieces from pro-Beijing media. Advertisement The company earlier hinted it would postpone the signing of the deal, scheduled for Wednesday.
South China Morning Post
02-04-2025
- Business
- South China Morning Post
How China could put conditions on Hutchison port sale and new buyer emerges
China's market regulator could impose conditions on CK Hutchison Holdings' sale of its overseas ports upon the completion of an antitrust probe, which may lead to the emergence of a new buyer if the time limit on the deal has passed, legal experts and a political analyst say. Advertisement They also explained that the national antitrust law empowered the regulator to investigate cases involving other jurisdictions, and so the probe would not undermine the 'one country, two systems' governing principle in Hong Kong. The deal came under attack again from pro-Beijing media on Tuesday, with the Ta Kung Pao newspaper publishing an editorial urging the Li Ka-shing conglomerate to halt the sale, as well as an article naming lawmakers who were opposed to the deal. The transaction involves CK Hutchison selling its 43 overseas ports, including the two at each end of the Panama Canal, to a consortium led by United States investment firm BlackRock for US$23 billion. The conglomerate would receive US$19 billion in cash. The Hong Kong and Macau Affairs Office and the liaison office posted the article on their websites, keeping up pressure on the company for a third straight week by sharing such critical pieces from pro-Beijing media. Advertisement The company earlier hinted it would postpone the signing of the deal, scheduled for Wednesday.
South China Morning Post
30-03-2025
- Business
- South China Morning Post
‘Don't frivolously criticise' CK Hutchison's port deal, Hong Kong lawmaker says
Hong Kong Executive Council member Jeffrey Lam Kin-fung has called on the public to refrain from criticising Li Ka-shing's CK Hutchison Holdings' planned sale of two Panama ports, saying that many who commented have not even read the terms of the deal. Advertisement Lam, also a lawmaker from the business sector, said on Sunday that the public should 'wait and calm down'. He said that while it was normal for companies to acquire or divest their assets, any deals 'should be beneficial to the local', referring to Hong Kong, its government and mainland China. 'Let's see how Hutchison handles the deal,' he told the Post. 'I hope the outcome will be acceptable to everyone.' At the centre of the controversy was Hutchison's plan to sell 43 ports, including two at each end of the Panama Canal – the Balboa and Cristobal docks – to a consortium led by US investment firm BlackRock, for US$23 billion, a deal that will yield US$19 billion in cash for the conglomerate. But news of the deal triggered scathing criticism from pro-Beijing media outlets Wen Wei Po and Ta Kung Pao, which in the past week published articles questioning the move and urging Hutchison to stop the deal as soon as possible or face serious consequences.
