CK Hutchison on Thursday reported an 11% drop in underlying profit for 2024, as one of Hong Kong's most powerful conglomerates becomes increasingly embroiled in a political row over the sale of
CK Hutchison on Thursday reported an 11% drop in underlying profit for 2024, as one of Hong Kong's most powerful conglomerates becomes 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, however, cancelled its post-earnings media and analyst conferences in a rare move following criticism over the deal from the government in Beijing.
CK Hutchison made no mention of the ports deal in its earnings statement, although it said "geopolitical and trade tensions have ... risen significantly."
"The operating environment for the Group’s businesses is expected to be both volatile and unpredictable," it said in the statement.
China's Hong Kong and Macau Affairs Office has reposted
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