CK and Hutchison and sister companies report results on Thursday
State-owned media posts The second key port trading editorial
China’s Hong Kong and Macau Affairs Office reposts comments
Hong Kong, March 17 (Reuters) – Hong Kong-based group CK Hutchison, which faces pressure from Beijing authorities, has reached an agreement with a consortium led by Blackstone to not hold earnings meetings this week, twice relying on the source of knowledge of the matter.
Hong Kong-based real estate developer CK Asset, also interested in overseas utility assets, told Reuters on Monday that it will not hold analysts and media meetings.
“This is rare for blue-chip companies that don’t hold earnings meetings,” said an analyst who introduced the matter.
“The company hasn’t said anything since the port trading. Stocks may have a negative view of the issue.”
The two companies will report their 2024 financial results on Thursday. None of them provided the reason for their decision.
Although CK and Hutchison confirmed that media briefings would not be held when Reuters asked, it did not say whether it still plans to retain analyst briefings.
They have held analyst meetings for the semi-annual and annual results for many years and have media briefings for their annual results.
CK and Hutchison said this month it has agreed to sell most of its global port operations, including its strategically important assets held by the Panama Canal to the BlackRock-led group. According to the deal, it will earn more than $19 billion in cash.
U.S. President Donald Trump praised the deal for calling for the Panama Canal to withdraw from what he calls China’s ownership.
China’s Hong Kong and Macau Affairs Office (HKMAO) reposted a comment Thursday, criticizing the deal as a betrayal of China, and drastically lowered the conglomerate’s shares the next day.
The article was originally published in Hong Kong-based state-owned newspaper Ta Kung Pao, who said the deal ignored national interests and showed that CK and Hutchison were seeking profits.
HKMAO republished another Ta Kung Pao editorial on Saturday, which criticized CK Hutchison and said Hong Kong companies must face so-called “U.S. hegemony” and stand with China.
(Reported by Clare Jim; Edited by Joe Bavier)
