Shares of CK Hutchison shed more than 6 percent on Friday, after the Beijing office in charge of Hong Kong affairs reposted a newspaper commentary slamming the firm's sale of its Panama Canal ports.

Last week, the conglomerate controlled by tycoon Li Ka-shing agreed to sell its interests in a key Panama Canal port operator to a consortium led by US asset management firm BlackRock.

The deal worth US$22.8 billion followed intense pressure from US President Donald Trump, who vowed to take back control of the canal, using force if necessary.

The Hong Kong and Macau Affairs Office shared on its website an opinion piece published by Ta Kung Pao on Thursday.

The commentary noted reports suggesting BlackRock chief executive Larry Fink had a "close relationship" with Trump, and described the deal as an act of American hegemony.

For CK Hutchison, "Critics say this is an act of kneeling down... and one which disregards national interests, betrays and sells out Chinese people," the article read.

The commentary also told the company to think twice and decide "which position and side it wants to be on".

The article was also shared by Beijing's liaison office in Hong Kong on Friday.

Andrew Leung, an independent China strategist, told RTHK that while he understood why Beijing was upset with the deal, CK Hutchison had to act with its business interests in mind.

"[CK Hutchison] still has a great deal of businesses tied to mainland China and to Hong Kong. So I don't think that this is anything other than, if you like, a self-centered business strategy," he said.

"Beijing is fully aware of [CK Hutchison's] importance to Hong Kong. But on the other hand, it has to balance its national interests and perceived threats from the Trump administration - a hostile Trump administration bent on scuttling China's rise - and also send a signal to other businesses tied to China to be more aware of these national strategic priorities."

The Hang Seng Index, meanwhile, snapped a five-day losing streak, climbing more than 2 percent.

The index had surged past 24,000 before giving up some of the gains.

It ended 497 points or 2.1 percent higher at 23,959.
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Last updated: 2025-03-14 HKT 18:00