The Chinese Communist Party (CCP) is taking on the Superman. Not the one created by DC Comics, but the Hong Kong tycoon, Li Ka-shing, who is affectionately known by the same moniker in the former British colony.

Beijing's displeasure stems from a global business decision: the sale of ports in Panama. CK Hutchison, headed by Li Ka-shing, owned 80 ports worldwide, including two strategic locations in Panama. In January, Hutchison announced the sale of its entire port business to American asset management giant BlackRock for US$23 billion, securing a substantial profit for the Hong Kong-based conglomerate.

Far from nodding approval of this business success, Beijing expressed anger that Li Ka-shing's flagship company as it relinquished control of the two Panama ports at a time when trade tensions between China and the United States rising.

The first indication of trouble appeared when two local newspapers which act as a mouthpiece of the CCP published an editorial criticising the sale as a betrayal. The Beijing administration's local offices in Hong Kong and Macau subsequently endorsed this view by posting the article on their official website the following day.

Baptist University academic and former South China Morning Post editor Wang Xiangwei noted that while such criticism raised eyebrows in Hong Kong's free-wheeling capitalist society, a similar reaction might have occurred if the situation were reversed: "Say, BlackRock decided to sell 43 ports, including those in the Panama Canal and others in 23 countries, to CK Hutchison in Hong Kong. It's easy to envision Trump immediately condemning the deal on his preferred social media platform, Truth Social, citing national security concerns."

Revered Figure

Beijing's criticism was particularly unexpected given Li Ka-shing's status globally and as a respected figure in Hong Kong. Even powerful Beijing leaders like Deng Xiaoping had held him in esteem, and Li had held meetings with both Deng and President Jiang Zemin........

© Mathrubhumi English