China's Hong Kong and Macau Affairs Office (HKMAO) reposted a commentary criticizing CK Hutchison's port deal with U.S. firm BlackRock as a betrayal of China, sending shares of the Hong Kong-based conglomerate
China's Hong Kong and Macau Affairs Office (HKMAO) reposted a commentary criticizing CK Hutchison's port deal with U.S. firm BlackRock as a betrayal of China, sending shares of the Hong Kong-based conglomerate sharply lower on Friday.
The repost of the critical state media commentary by China's governing body overseeing the territory highlights the complex geopolitical pressures the firm faces, as investors worry the deal could be derailed without Beijing's backing.
CK Hutchison said last week it agreed to sell most of the global $22.8 billion ports business, including assets it holds along the strategically important Panama Canal, to a group led by BlackRock.
In total, the consortium will control 43 ports in 23 countries. U.S. President Donald Trump, who has called for the waterway to be removed from what he says is Chinese ownership, has hailed the deal.
On Thursday, the Ta Kung Pao newspaper based in Hong Kong published a commentary saying the deal "betrays and sells out the whole of Chinese people," neglects national interests and shows CK Hutchison is profit-seeking.
The commentary, reposted on HKMAO's website, said the U.S. would constrain China's maritime trade and Chinese companies would face great risks in logistics and
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