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South China Morning Post
11 hours ago
- Politics
- South China Morning Post
Xia Baolong to kick off 5-day visit to Hong Kong on Wednesday: John Lee
Beijing's point man overseeing Hong Kong affairs will begin a five-day visit to the city on Wednesday to inspect its development and attend a national security forum, the chief executive has said, confirming the Post's report. Chief Executive John Lee Ka-chiu said that Xia Baolong, director of the Hong Kong and Macau Affairs Office, would attend the key forum, organised by the Department of Justice to mark the fifth anniversary of the imposition of the national security law, on Saturday. 'The main purpose of Xia's visit is to attend the forum on national security law,' Lee said before his weekly meeting with the Executive Council , the city's key decision-making body, on Tuesday. 'This shows that he attaches great importance to the implementation of the national security law in Hong Kong. 'He cares about both security and development and will be examining both aspects during his visit.' Xia Baolong is expected to attend a national security forum on Saturday. Photo: Hong Kong and Macau Affairs Office
Reuters
15-04-2025
- Business
- Reuters
Chinese official says US tariff aims to 'take away Hong Kong's life'
HONG KONG, April 15 (Reuters) - One of China's top officials overseeing Hong Kong affairs, Xia Baolong, said on Tuesday that the United States' tariff war was "extremely shameless" and aims to "take away Hong Kong's life". Xia, the director of China's Hong Kong and Macau Affairs Office under the State Council, said bullying had never worked on Chinese people, including those from Hong Kong. Xia said that "let those peasants in the United States wail in front of the 5,000 years of Chinese civilisation". "The Chinese people do not cause trouble, nor are they afraid of trouble. Pressure, threats and blackmail are not the right way to deal with China," Xia said in a televised speech on Hong Kong's National Security Education day. The comments came after China hiked its levies on imports of U.S. goods to 125%, hitting back at U.S. President Donald Trump's decision to single out the world's No.2 economy for effectively raising tariffs on Chinese goods to 145%. U.S. Vice President JD Vance said this month the U.S. borrows and buys from "Chinese peasants", remarks that drew condemnation in China. Hong Kong, a special administrative region of China, is subject to U.S. tariffs imposed on China as it is no longer considered a separate trading entity by Washington amid a years-long crackdown under a sweeping national security law. Unlike the mainland, Hong Kong, as an international free trade hub, is not planning to impose any retaliatory tariffs on the U.S. right now, its leader John Lee said last week. Beijing has dismissed the U.S. president's tariff strategy as a "joke."
South China Morning Post
26-03-2025
- Business
- South China Morning Post
Panama ports deal: Beijing posts third news article lambasting Hutchison
Beijing's top offices for Hong Kong affairs have for the third time signalled their wrath at CK Hutchison over its Panama ports deal by reposting a critical article from Ta Kung Pao which warned businesses that disregard national interests will eventually 'destroy their own foundations'. Advertisement The posts by the Hong Kong and Macau Affairs Office and the central government's liaison office in the city on Wednesday came hours after media reports emerged that CK Hutchison Holdings was set to finalise plans to sell its overseas port operations to a consortium led by US firm BlackRock by April 2. The article, published by pro-Beijing newspaper Ta Kung Pao on Wednesday, was the third about Hutchison's port deal the Beijing offices have shared in full in the past two weeks, moves seen as an indirect way for the central government to pressure the company into reconsidering the sale. In the news story headlined 'Business practices that disregard national interests will ultimately destroy their own foundations', the reporter suggested that CK Hutchison sold the port under coercion from the US and described America's action as 'short-sighted' and 'fuelling the flames of hegemony'. He wrote that Hong Kong businesses were participants of the country's reform and the beneficiaries of the country's stable development. Advertisement 'The state is the firm supporter for these enterprises,' he said. 'Ignoring or even sacrificing national development interests in business is a short-sighted and self-destructive behaviour for the long-term development of enterprises.'
Yahoo
20-03-2025
- Business
- Yahoo
CK Hutchison set to report earnings as Panama ports deal saga ramps up
By Clare Jim HONG KONG (Reuters) - CK Hutchison is set to release its 2024 financial results on Thursday with one of Hong Kong's most powerful conglomerates increasingly embroiled in a political row over the sale of its ports business to a BlackRock-led consortium. The telecoms-to-retail conglomerate, owned by billionaire Li Ka-shing, said this month it had agreed to sell most of its global ports business, including assets near the strategically important Panama Canal, in a deal that would garner the firm more than $19 billion in cash. Its shares initially rallied after the deal, with investors cheering the high purchase price. They had expected management would give indications at Thursday's earnings conferences about how it would reinvest the proceeds and whether it would pay a special dividend. The company has, however, cancelled its post-earnings media and analyst conferences in a rare move following criticism over the deal from the government in Beijing. China's Hong Kong and Macau Affairs Office has reposted two state media commentaries depicting the deal as a betrayal of China and contrary to its national interests, fuelling speculation as to whether China could take steps to try to scupper the sale. The deal has become highly politicised, with U.S. President Donald Trump hailing it after previously calling for the Panama Canal to be removed from what he says is Chinese control. CK Hutchison has said the deal is "purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports". Analysts have said the deal would represent a significant strategy shift because it would leave ports contributing only about 1% of the conglomerate's earnings before interest, tax, depreciation and amortisation (EBITA), down from 15%. Even before the sale, CK Hutchison's infrastructure and telecom businesses contributed the most to the group's profit, despite it being the world's largest privately owned port operator. Li has been diversifying his business outside of Hong Kong and mainland China since the 1980s and now only about 12% of CK Hutchison's revenue is from Hong Kong and China, with the remainder from Europe, the rest of Asia Pacific and Canada. CK Hutchison is forecast to report a net profit of HK$21.3 billion ($2.74 billion), according to LSEG SmartEstimate, down from HK$23.5 billion a year ago. The ports deal is not yet final as the agreement is for negotiations on an exclusive basis for 145 days. If it materialises, ratings agency Fitch expects CK Hutchison's revenue, EBITDA levels and margins will decrease slightly, but said its business lines and geographic contributions will remain well-diversified. ($1 = 7.7702 Hong Kong dollars) Sign in to access your portfolio
Reuters
20-03-2025
- Business
- Reuters
CK Hutchison set to report earnings as Panama ports deal saga ramps up
HONG KONG, March 20 (Reuters) - CK Hutchison ( opens new tab is set to release its 2024 financial results on Thursday with one of Hong Kong's most powerful conglomerates increasingly embroiled in a political row over the sale of its ports business to a BlackRock-led (BLK.N), opens new tab consortium. The telecoms-to-retail conglomerate, owned by billionaire Li Ka-shing, said this month it had agreed to sell most of its global ports business, including assets near the strategically important Panama Canal, in a deal that would garner the firm more than $19 billion in cash. Its shares initially rallied after the deal, with investors cheering the high purchase price. They had expected management would give indications at Thursday's earnings conferences about how it would reinvest the proceeds and whether it would pay a special dividend. The company has, however, cancelled its post-earnings media and analyst conferences in a rare move following criticism over the deal from the government in Beijing. China's Hong Kong and Macau Affairs Office has reposted two state media commentaries depicting the deal as a betrayal of China and contrary to its national interests, fuelling speculation as to whether China could take steps to try to scupper the sale. The deal has become highly politicised, with U.S. President Donald Trump hailing it after previously calling for the Panama Canal to be removed from what he says is Chinese control. CK Hutchison has said the deal is "purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports". Analysts have said the deal would represent a significant strategy shift because it would leave ports contributing only about 1% of the conglomerate's earnings before interest, tax, depreciation and amortisation (EBITA), down from 15%. Even before the sale, CK Hutchison's infrastructure and telecom businesses contributed the most to the group's profit, despite it being the world's largest privately owned port operator. Li has been diversifying his business outside of Hong Kong and mainland China since the 1980s and now only about 12% of CK Hutchison's revenue is from Hong Kong and China, with the remainder from Europe, the rest of Asia Pacific and Canada. CK Hutchison is forecast to report a net profit of HK$21.3 billion ($2.74 billion), according to LSEG SmartEstimate, down from HK$23.5 billion a year ago. The ports deal is not yet final as the agreement is for negotiations on an exclusive basis for 145 days. If it materialises, ratings agency Fitch expects CK Hutchison's revenue, EBITDA levels and margins will decrease slightly, but said its business lines and geographic contributions will remain well-diversified. ($1 = 7.7702 Hong Kong dollars)
