Hong Kong-based conglomerate CK Hutchison and its sister company, CK Asset, will not hold earnings calls this week due to criticism over a port deal with a BlackRock-led consortium. The companies are facing pressure from Beijing authorities over the deal, which has sparked criticism that neglects national interests and shows a profit-seeking approach.
CK Hutchison and CK Asset will report their 2024 financial results on Thursday, but neither company provided reasons for skipping earnings calls. Analysts have expressed concern about the potential impact of not holding conferences, as it could be seen negatively by the stock market.
The conglomerate agreed to sell most of its global ports business, including assets along the Panama Canal, to the BlackRock-led consortium in a deal worth over $19 billion. The decision has been hailed by US President Donald Trump, who called for the removal of Chinese ownership from the Panama Canal.
China’s Hong Kong and Macau Affairs Office reposted a commentary criticizing the deal as a betrayal of China, which led to a sharp decline in the conglomerate’s shares. The office also published an editorial criticizing CK Hutchison, stating that Hong Kong companies must stand with China in the face of “US hegemony”.
Source: https://www.reuters.com/business/ck-hutchison-will-not-hold-earnings-calls-following-port-deal-criticism-2025-03-17