China Blacklists Hong Kong Tycoon Li Ka-shing Over Panama Canal Ports Sale to US Firm
China has retaliated against Hong Kong billionaire Li Ka-shing after his conglomerate, CK Hutchison, sold key Panama Canal ports to US investment giant BlackRock—a deal reportedly influenced by pressure from former US President Donald Trump.
Beijing has instructed state-owned enterprises to halt business dealings with CK Hutchison, effectively blacklisting the firm. The move comes amid Chinese anger over the $22.8 billion sale, which included terminals in the Panama Canal and 43 other ports worldwide, such as Britain’s Felixstowe.
The sale followed Trump’s claims that the US was being unfairly treated in the canal, prompting calls to “take back” the ports. While CK Hutchison denied political motives, China’s Communist Party condemned the deal, dispatching officials to Panama and lashing out in state media.
Hong Kong’s Ta Kung Pao accused Li of “betraying national interests,” while Chief Executive John Lee criticized US “coercion” in trade relations.
Li, 96, Hong Kong’s richest man, built a global empire spanning ports, telecoms (including UK’s Three network), and utilities (like Thames Water). The Caymans-registered CK Hutchison now faces mounting pressure as China tightens its grip on corporate loyalties.
