On the late night of May 12th, Li Ka shing's subsidiary Changhe announced that they had originally planned to discuss the port transaction at the annual general meeting of shareholders on May 22nd. However, due to recent inquiries from shareholders and the media, the group has now made the following response.
On the late night of March 4th, Changjiang Hutchison Holdings made a statement that shook the global shipping industry: it sold its core assets of global port business to a consortium led by BlackRock and a TiL consortium led by MSC for $22.8 billion. This transaction involves 23 countries and 43 ports, with the most notable being the ports of Balboa and Cristobal at both ends of the Panama Canal.
On April 27th, a spokesperson for the State Administration for Market Regulation stated in response to a reporter's question about the Changhe Port transaction that they are highly concerned about the transaction and will conduct a review in accordance with the law. All parties involved in the transaction shall not evade review in any way, and shall not implement concentration without approval, otherwise they will bear legal responsibility.
Foreign Ministry spokesperson Lin Jian stated that this report is unfounded. The State Administration for Market Regulation has stated that it attaches great importance to relevant transactions and will conduct reviews in accordance with the law. All parties involved in the transaction shall not evade the review in any way, and shall not implement concentration without approval, otherwise they will bear legal responsibility. The Chinese government will resolutely uphold national sovereignty, security, and development interests in accordance with the law, and maintain market fairness and justice. Business activities of enterprises should comply with relevant laws and cannot harm national interests.
On the late night of March 4th, Changjiang Hutchison Holdings made a statement that shook the global shipping industry: it sold its core assets of global port business to a consortium led by BlackRock and a TiL consortium led by MSC for $22.8 billion. This transaction involves 23 countries and 43 ports, with the most notable being the ports of Balboa and Cristobal at both ends of the Panama Canal.
On April 27th, a spokesperson for the State Administration for Market Regulation stated in response to a reporter's question about the Changhe Port transaction that they are highly concerned about the transaction and will conduct a review in accordance with the law. All parties involved in the transaction shall not evade review in any way, and shall not implement concentration without approval, otherwise they will bear legal responsibility.
Foreign Ministry spokesperson Lin Jian stated that this report is unfounded. The State Administration for Market Regulation has stated that it attaches great importance to relevant transactions and will conduct reviews in accordance with the law. All parties involved in the transaction shall not evade the review in any way, and shall not implement concentration without approval, otherwise they will bear legal responsibility. The Chinese government will resolutely uphold national sovereignty, security, and development interests in accordance with the law, and maintain market fairness and justice. Business activities of enterprises should comply with relevant laws and cannot harm national interests.
