CK Hutchison (CKH) is a Hong Kong-based conglomerate owned by Li Ka-shing. Total revenue was $61bn in 2024, of which about 12% came from China (including Hong Kong).
CKH operates port terminals at both ends of the Panama Canal, as well as terminals in 41 other ports across 22 countries. In March 2025 a $23bn deal was announced to sell these assets to BlackRock, an American investment company, and MSC, a Swiss-Italian shipping giant. Donald Trump had portrayed CKH as beholden to China, declaring at his inauguration: "China is operating the Panama Canal and we didn't give it to China, we gave it to Panama, and we're taking it back."
China launched an anti-monopoly investigation into the sale in late March 2025, aiming to block it. China then proposed allowing COSCO, a state-owned shipping company, to join the buyers with veto rights in the ports' operations. CKH, BlackRock and MSC were reportedly amenable. Countries where the ports are located—including Belgium, Britain, Germany, the Netherlands and Spain—would each have to approve the deals.
CKH's share price rose by more than 30% after the proposed sale was announced. China reportedly told its state-owned enterprises not to engage in new deals with Li family members, and efforts by Li Ka-shing's younger son, Richard Li, to expand his insurance business on the mainland have been stalled.
By late July 2025 the deal had reached an impasse after China refused to support it unless COSCO was included as a veto-holding member of the acquiring consortium. On July 30th Panama's comptroller-general filed two Supreme Court cases seeking to revoke CKH's contract on grounds of breach of contract and unconstitutionality. CKH said on August 1st it was prepared to work for "a better future to support the people of Panama".
On January 29th 2026 Panama's Supreme Court ruled that CKH's contract to operate the ports at each end of the canal breaches the constitution. The ruling cannot be appealed domestically. The next day President Mulino said APM Terminals, part of Maersk, would run the ports until new contracts can be tendered. China's Hong Kong and Macau Affairs Office called the ruling "absurd" and "pathetic", adding that Panama would pay a "heavy price". On February 3rd CKH said it would pursue international arbitration. CKH retains proprietary software that runs the port terminals, giving it potential ways to disrupt the transition. China detained dozens of Panama-flagged ships in retaliation and told Maersk and MSC to cease operations. Hutchison has sued Panama for billions.
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