CK Hutchison this month offloaded its global ports business outside China—including operations in the canal—to a group led by giant asset manager BlackRock for $19 billion in cash.

The parties expect to sign a “definitive agreement” by April 2 concerning the Panama Ports Company, which has operated two of the five ports at the canal since 1997 via a government concession.

The deal came after weeks of pressure from U.S. President Donald Trump, who refused to rule out a military invasion of Panama to “take back” the vital waterway from alleged Chinese control.

Thursday’s results announcement made no mention of the BlackRock deal.

“On the whole, the Group’s underlying operating results were relatively stable” last year despite a one-time issue related to its Vietnam telecommunications business, chairman Victor Li, son of billionaire founder Li Ka-shing, said in a filing with the Hong Kong Stock Exchange.

But CK Hutchison said its “ports and related services” division saw an 11% jump in revenue to $5.8 billion.

Earnings before interest, taxes, depreciation, and amortization soared 19% year-on-year to $2.1 billion, the firm said.

“There may be headwinds with supply chain disruptions anticipated in the early part of the year due to shipping lines transitioning into their new alliances, as well as ongoing geopolitical risk impacting global trade,” Li said as part of the ports division’s 2025 outlook.

Beijing scrutiny

Shares in CK Hutchison jumped more than 20% in Hong Kong after the ports deal was first announced on March 4.

But Beijing made its displeasure known last week via two government offices overseeing Hong Kong affairs, which republished newspaper articles criticizing the deal as “spineless” and “betraying and selling out all Chinese people”.

Hong Kong leader John Lee also said on Tuesday that concerns about the sale “deserve serious attention”, adding that the city will “handle it in accordance with the law and regulations”.

CK Hutchison cancelled its post-earnings press conference on Thursday and has not responded to multiple AFP enquiries.

Bloomberg News has reported citing unnamed sources that senior Chinese leaders have ordered government agencies including the State Administration for Market Regulation to scrutinize the deal.

The conglomerate is registered in the Cayman Islands and the assets being sold are all outside China.

Following years of diversification, operations in mainland China and Hong Kong made up just 12% of CK Hutchison revenue last year, according to Thursday’s results.

The conglomerate had previously claimed to have “the world’s leading port network”, which spans 53 ports in 24 countries.

But in terms of revenue, CK Hutchison’s ports division pales in comparison to its worldwide business interests in finance, retail, infrastructure and telecoms.

In Hong Kong, CK Hutchison is known for its founder, Li Ka-shing, the city’s wealthiest man and nicknamed “Superman” for his business savvy.

The 96-year-old enjoyed close ties with three generations of top Chinese leaders, but the bonhomie faded after Xi Jinping took power.

Over the past decade, Chinese state media has criticised Li for his apparent decision to divest from some Chinese markets and for supposedly showing sympathy to Hong Kong pro-democracy protesters in 2019.