Shares of Ck Hutchison Holdings, the conglomerate based in Hong Kong, which recently sold Two ports in the Panama Canal to Blackrock, which fell by over 6% on Friday when the city’s benchmark slope rose by the city by over 2%.
The slip comes after the office in Hong Kong and Macao Affairs, the ministry responsible for the Chinese city. reposted Networked comment from Ta Kung Pao, A local newspaper supported by the Chinese state.
On March 4th Ck Hutchison announced The fact that it had agreed to sell its global port, with the exception of the ports on the Chinese mainland and in Hong Kong on a consortium guided by Blackrock by investors in a deal worth $ 23 billion. The deal came after the Trump administration threatened In order to recapture the canal, the President CK Hutchison quoted two Panama ports as proof of Chinese control.
Ta Kung Pao CK Hutchison’s decision to sell its global port companies to a consortium guided by Blackrock as “act of submitting and betraying” claimed that the company had sacrificed national interest in profits. The piece argues that Washington “makes every effort” to suppress China’s development.
Ck Hutchison did not react immediately Fortune’s Request for comment. The conglomerate previously explained that the deal was “purely commercial in nature”.
Friday is an increase in the Konglomerate share course, which increased by up to 33% in the days after the Blackrock deal.
The deal is probably won for CK Hutchison, which Blackrock made to pay well how much the port of port was worth. The company, which was previously managed by the billionaire from Hong Kong, Li Ka-Hing, announced that it receives more than $ 19 billion in cash from the deal. This is more than the entire market value of the conglomerate and much more than the estimated Morningstar evaluation of 10.5 billion US dollars for business with ports.
The business with the ports is a small (albeit profitable) part of the business activities of the conglomerate. CK Hutchison also has interests in energy, telecommunications and retail.
Nevertheless, Trump’s celebration of the business is A victory for the USA In his speech to the Congress last week, a nationalist reaction would have promoted. Ta Kung Pao The Panama Canal called an “act of hegemonic compulsion” and speculated that an “American” Panama Canal Washington would help Chinese business.
Ck Hutchison holds its ports on the Chinese mainland and in Hong Kong. It is therefore unlikely that the deal requires approval of Beijing. The conglomerate claims that its business is independent of China.
A state office that reposted critical comment Worsening of the tensions of the USA-China.
For example, Beijing is check According to reports, Walmart reported that the US Big Box retailer tried to put Chinese suppliers under pressure for discounts after Trump’s tariffs in China.
Chinese officials said Walmart said that the inquiries from discounts could violate contracts and disrupt the market rules. after in addition Wall Street Journal.
If the retailer continued to ask about discounts, a social media account of CCTV warned.
This story was originally on Fortune.com
