Latest news with #portsdeal
South China Morning Post
22-05-2025
- Business
- South China Morning Post
Hong Kong's CK Hutchison stresses need for war chest in face of geopolitical tensions
CK Hutchison Holdings needs a war chest to maintain its fiscal health in the face of escalating geopolitical tensions, its chairman Victor Li Tzar-kuoi has said, with senior managers assuring the US$23 billion deal involving two Panama ports will comply with regulations. At the conglomerate's annual general meeting on Thursday, Li said that many uncertainties were arising from geopolitics and the tariff policies of various countries, adding he 'dared not' to forecast global economic development. 'Hong Kong is currently undergoing what I would call a 'stress test'. We are holding cash with fewer loans, adopting a cautious approach to navigate through difficult times,' Li said in a meeting. But he said that the group needed to 'maintain' its fiscal health with a war chest to cope with any unforeseen circumstances. 'With a financial backing, we can face any headwinds,' he said. CK Hutchison Chairman Victor Li. Photo: Facebook/John KC Lee At the first public event since the group announced on March 4 the proposed US$23 billion ports deal, excluding those in Hong Kong and China, the group's senior management shed some light on the transaction.
Reuters
12-05-2025
- Business
- Reuters
Hong Kong's CK Hutchison assures legal compliance in ports deal
May 12 (Reuters) - Hong Kong's CK Hutchison ( opens new tab said on Monday that its closely monitored ports deal would strictly adhere to all required compliance standards and would never be executed illegally. "This transaction would never be carried out under any illegal or non-compliant circumstances," the company said in a statement. The Hong Kong-based conglomerate, controlled by tycoon Li Ka-shing, agreed in March to sell the majority of its $22.8 billion global ports business, including assets along the strategically significant Panama Canal, to a consortium led by BlackRock. The deal has since drawn global criticism, including from U.S. President Donald Trump, who repeatedly expressed his desire to reclaim the Panama Canal and termed the deal a "reclaiming" of the waterway. Chinese state media have also condemned the proposed sale, claiming it betrays China's interests. Earlier in March, a pro-Beijing Hong Kong newspaper amplified the criticism by publishing comments from local politicians and Chinese lawyers who urged CK Hutchison to reconsider the deal and support the decision by Chinese regulators to review the transaction. CK Hutchison also announced that it would provide further details about the ports deal at its annual shareholder meeting scheduled for May 22.
