CK Hutchison to forgo earnings calls amid criticism over port deal
/Article


Hong Kong conglomerate CK Hutchison, currently under scrutiny by Chinese authorities over a port agreement with BlackRock, will not hold earnings conferences this week, according to sources familiar with the situation. CK Asset, a Hong Kong property developer with international utility investments, also announced that it will skip analyst and media meetings, which is considered unusual for a leading company. Analysts are concerned about the lack of communication from the company since the port deal, which could impact the stock market perception negatively. Both firms were scheduled to release their 2024 financial results this week but did not disclose specific reasons for canceling the conferences. CK Hutchison confirmed the absence of a media briefing but did not clarify the status of the analyst meeting. The company has a history of holding such conferences for its financial results. Earlier, CK Hutchison announced the sale of most of its global ports business, including assets near the Panama Canal, to a BlackRock-led group for over $19 billion. Despite U.S. President Donald Trump endorsing the deal amid debates over Chinese influence, Chinese authorities, particularly the Hong Kong and Macau Affairs Office, criticized the sale as a betrayal of national interests. This condemnation led to a drop in CK Hutchison's share prices. The articles in the state-owned Ta Kung Pao newspaper highlighted the perceived profit-oriented motive behind the deal and emphasized the importance of Hong Kong companies aligning with China amid what was described as US dominance.

Leave a Reply