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.
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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.
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