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Salina Li

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.
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), according to its 2024 accounts released to the Hong Kong stock exchange on Thursday. The deal could generate US$19 billion cash for the group.
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 chose to side-step the subject. The company also 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 annual financial statements that might require disclosure had been identified, Hutchison said in notes to its 2024 accounts 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.
Li said there might 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.”
The company’s net profit fell 27.3 per cent to HK$17.1 billion (US$2.2 billion), including a one-time loss of HK$3.74 billion, while sales rose 3.3 per cent to HK$461.56 billion. It announced a full-year dividend of HK$2.20 per share, versus HK$2.53 per share a year earlier.
Hutchison’s port business did well, as its 2024 revenue rose 11 per cent to HK$45.2 billion, driven by a 6 per cent increase in throughput. Storage income rose 13 per cent, helped by the favourable performance of a shipping line. The company’s earnings before interest, taxes, depreciation and amortisation rose 19 per cent to HK$16.2 billion.

“Moderate organic growth is expected to continue mainly from Asia and Middle East, which together with expansion at existing terminal facilities and strengthening strategic partnerships, the division will look to deliver improvements in operating results in the coming year,” Li said.
Hutchison owns two ports on both ends of the Panama Canal. Since his return to the White House in January, President Donald Trump has demanded the return of the Panama Canal from Chinese control, arguing that its Pacific and Atlantic entrances posed a national security threat to the US because they gave the Chinese military potential control of the strategic locations.

The US president falsely claimed that China “operates” the Panama Canal – even though Panama is a sovereign country, while Hutchison is a Hong Kong-listed company – and has threatened to take control of the waterway.
Mao Ning, a spokeswoman for China’s foreign ministry, said on Tuesday that Beijing firmly opposed “economic coercion and bullying” without elaborating if authorities were investigating the deal. Beijing’s office overseeing Hong Kong affairs had earlier issued two scathing commentaries on its website criticising the deal.
Li Ka-shing, the company’s senior adviser, controls 30.4 per cent of Hutchison through family trusts, according to its annual report. Various equity funds managed by BlackRock own about 5 per cent of the company.

Hutchison has agreed in principle to sell its global port assets excluding Singapore-listed Hutchison Port Holdings Trust, which operates ports in Hong Kong and in mainland China. The parties have 145 days to exclusively negotiate the final terms, which are subject to approvals from various regulatory bodies and shareholders, according to the filing.
BlackRock is the world’s biggest money manager with US$11.6 trillion of assets under management as of December 31. It completed the acquisition of GIP, which managed US$170 billion of assets worldwide last year, in October 2024.
“The operating environment for the group’s businesses is expected to be both volatile and unpredictable”, Li the chairman said. “In such an environment, the group will constrain capital spending and new investment and focus on stringent cash flow management.”


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Hutchison stays mum on US$23 billion sale of global ports amid Panama controversy

The entrance of the Balboa Port in Panama. Photo: Reuters

Chairman Victor Li Tzar-kuoi is the elder son of billionaire Li Ka-shing. Photo: John KC Lee

The container ship Cosco Jasmine heading to the Atlantic side of the Panama Canal on January 27, 2025. Photo: Zuma Press Wire/TNS.

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Aerial view of the Port of Cristobal in Colon, Panama on 24 January 2025. Photo: EPA-EFE

Hutchison steps back from owning ports as Trump vows to slap tariffs on ‘friends and foes’

Hong Kong tycoon Li Ka-shing during a news conference following a shareholders meeting in Hong Kong May 20, 2011 before his retirement from the company. Photo: Reuters

Balboa Port at the Pacific Ocean entrance of the Panama Canal, operated by Hong Kong’s CK Hutchison Holdings, on March 4, 2025. Photo: Reuters. 

Hong Kong tycoon Li Ka-shing during a news conference in Hong Kong on May 20, 2011 before his retirement in 2018. Photo: Reuters.

The container ship Jasmine operated by China Overseas Shipping Corporation (Cosco) heading to the Atlantic side of the Panama Canal on January 27, 2025. Photo: Tribune News Service.

China’s fiery criticism of Panama port deal puts pressure on Li Ka-shing family

A cargo ship traverses the Agua Clara Locks of the Panama Canal in Colon, Panama, on September 2, 2024. Photo: AP

People walk near flags of CK Hutchison Holdings outside the company’s headquarters in Hong Kong on March 21, 2019. Photo: AFP

BlackRock, buyer of Hong Kong Hutchison’s Panama ports, in the eye of the storm

Larry Fink, the chairman and CEO of BlackRock. Photo: Reuters

The deal by tycoon Li Ka-shing’s company would give BlackRock control of 43 ports across 23 countries. Photo: Felix Wong

Black eye for BlackRock-Hutchison Panama ports deal? Not so easy, say experts

The deal will give the BlackRock-led consortium control of the two ports in the Panama Canal, as well 41 others. Photo: Reuters

A ship enters the Panama Canal on the Pacific Ocean side. Photo: AFP

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No event that might require disclosure was identified, Hutchison said, leaving the onus on shareholders to question the directors at its AGM on May 22


No event that might require disclosure was identified, Hutchison said, leaving the onus on shareholders to question the directors at its AGM on May 22.


Hutchison stays mum on US$23 billion sale of global ports amid Panama controversy

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}No event that might require disclosure was identified, Hutchison said, leaving the onus on shareholders to question the directors at its AGM on May 22

No event that might require disclosure was identified, Hutchison said, leaving the onus on shareholders to question the directors at its AGM on May 22