Group 1 - The Panama government has taken control of the Panama Ports Company (PPC), which is a subsidiary of the company, by forcibly entering the ports operated by PPC and terminating its operations as of February 23, 2026 [1] - The company strongly opposes the Panama government's actions and plans to pursue all legal avenues to protect its rights, including domestic and international legal proceedings [1] - The company has received legal opinions indicating that the government's actions are inconsistent with the relevant legal framework and the laws governing the concession agreement [1] Group 2 - The company, along with its subsidiaries Cheung Kong Infrastructure, Power Assets Holdings, and CK Hutchison Holdings, announced the sale of 100% of UK Power Networks to French utility giant Engie for approximately HKD 110.75 billion (around GBP 10.5 billion) [3] - This sale represents one of the largest energy transactions in the UK in recent years, with the sale price nearly doubling from the GBP 5.8 billion paid by the company in 2010 for the UK electricity assets [3] - This is not the first attempt by the company to sell UK Power Networks, as a previous offer of GBP 15 billion from a consortium led by KKR and Macquarie was abandoned due to a last-minute price increase by the company [3]

每经编辑｜程鹏 2月26日晚，长江和记实业有限公司（"长和"）在港交所公告，继公司于2026年2月4日刊发自愿性公告后，巴拿马政府宪报于2026年2月23日刊登了巴拿马 最高法院就1997年1月16日第5号法律原于2026年1月29日公布所作之裁决，以及一项行政法令，该行政法令要求巴拿马政府占用公司之附属公司巴拿马港 口公司（PPC）之所有动产。巴拿马政府代表强行进入由PPC于巴尔博亚港及克里斯托瓦尔港所营运之码头，并且强行接管码头之行政及营运控制权。据 公司理解，特许经营权已于2026年2月23日起被视为终止，而PPC已于同日终止在两个港口之码头的一切运作。PPC已获得意见，指该裁决、该行政法令 及巴拿马政府就PPC于该两个港口之码头营运所采取的相应行动，与相关法律框架，以及批准该特许经营合约之法律并不一致。董事会对该裁决、该行政 法令及巴拿马之相应行动表示强烈反对，集团继续联同其法律顾问，保留集团一切权利，并拟采取一切妥善可行之法律方案以保卫集团权益，包括就该事 宜诉诸进一步国内及国际法律程序。 2月24日，李嘉诚旗下长和在官网发布公告称，2026年2月24日，长和获悉，于巴拿马时间2026年2月23日， ...

Core Viewpoint - The company strongly opposes the Panamanian government's forcible takeover of its port operations, asserting that the actions are inconsistent with legal frameworks and the terms of the concession agreement [1][2][3]. Group 1: Company Actions and Responses - Following the announcement on February 4, 2026, the Panamanian government published a court ruling on February 23, 2026, which declared the company's concession rights for the ports as terminated [2]. - The company has retained legal counsel and intends to pursue all available legal avenues to protect its rights, including domestic and international legal proceedings [2][5]. - The company operates two key ports, Balboa and Cristobal, which are critical logistics hubs located at both ends of the Panama Canal [3]. Group 2: Government and Legal Context - The Panamanian Supreme Court ruled on January 29, 2026, to cancel the company's contracts for operating the ports, citing "unconstitutionality" as the reason [3]. - The Hong Kong Special Administrative Region government has issued a strong protest against the Panamanian government's actions, labeling them as a violation of contractual spirit and detrimental to the legitimate rights of Hong Kong enterprises [5]. - The Chinese Foreign Ministry has expressed a clear stance on the issue, emphasizing the protection of the company's legitimate rights and interests [5].

来源：市场资讯 长和公告，巴拿马政府强行接管巴拿马港口公司(PPC)码头运营控制权。继本公司于2026年2月4日刊发 自愿性公告后，巴拿马政府宪报于2026年2月23日刊登了巴拿马最高法院就1997年1月16日第5号法律原 于2026年1月29日公布所作之裁决，以及一项行政法令，该行政法令要求巴拿马政府占用本公司之附属 公司巴拿马港口公司(PPC)之所有动产。特许经营权已于2026年2月23日起被视为终止，而PPC已于同日 终止在两个港口之码头的一切运作。 （来源：科创100ETF基金） ...

Core Viewpoint - The company, Cheung Kong (00001), is facing a significant legal challenge in Panama, where the government has forcibly taken control of its subsidiary, Panama Ports Company (PPC), and terminated its operating rights at two ports [1] Group 1: Legal Developments - The Panama government published a ruling from the Supreme Court regarding Law No. 5 from January 16, 1997, on February 23, 2026, which led to the termination of PPC's operating rights [1] - An administrative decree was issued requiring the Panama government to occupy all movable property of PPC [1] - The company has received legal opinions indicating that the ruling and the administrative decree are inconsistent with the relevant legal framework and the laws that approved the concession agreement [1] Group 2: Company Response - The company's board strongly opposes the ruling and the actions taken by the Panama government [1] - The company, along with its legal advisors, is reserving all rights and plans to pursue all feasible legal options to protect its interests, including further domestic and international legal proceedings [1]

2月26日，长和在港交所公告，继公司于2026年2月4日刊发自愿性公告后，巴拿马政府宪报于2026年2月 23日刊登了巴拿马最高法院就1997年1月16日第5号法律原于2026年1月29日公布所作之裁决，以及一项 行政法令，该行政法令要求巴拿马政府占用公司之附属公司巴拿马港口公司（PPC）之所有动产。 董事会对该裁决、该行政法令及巴拿马之相应行动表示强烈反对，集团继续联同其法律顾问，保留集团 一切权利，并拟采取一切妥善可行之法律方案以保卫集团权益，包括就该事宜诉诸进一步国内及国际法 律程序。 巴拿马政府代表强行进入由PPC于巴尔博亚港及克里斯托瓦尔港所营运之码头，并且强行接管码头之行 政及营运控制权。据公司理解，特许经营权已于2026年2月23日起被视为终止，而PPC已于同日终止在 两个港口之码头的一切运作。 PPC已获得意见，指该裁决、该行政法令及巴拿马政府就PPC于该两个港口之码头营运所采取的相应行 动，与相关法律框架，以及批准该特许经营合约之法律并不一致。 ...

Core Viewpoint - The company, 长和, is facing a significant legal challenge in Panama, where the government has forcibly taken control of its subsidiary, Panama Ports Company (PPC), and terminated its operating rights at two ports [1] Group 1: Legal Developments - The Panama government published a ruling from the Supreme Court regarding Law No. 5 from January 16, 1997, on February 23, 2026, which led to the forced occupation of PPC's assets [1] - An administrative decree was issued requiring the government to take control of all movable assets of PPC [1] - The company believes that the ruling and the actions taken by the Panama government are inconsistent with the relevant legal framework and the laws that approved the concession agreement [1] Group 2: Company Response - The board of the company strongly opposes the ruling and the administrative decree, indicating that it will take all necessary legal actions to protect its rights [1] - The company is working with its legal advisors to explore all viable legal options, including pursuing further domestic and international legal proceedings [1]

董事会对该裁决、该行政法令及巴拿马之相应行动表示强烈反对，集团继续联同其法律顾问，保留集团 一切权利，并拟采取一切妥善可行之法律方案以保卫集团权益，包括就该事宜诉诸进一步国内及国际法 律程序。 巴拿马政府代表强行进入由PPC于巴尔博亚港及克里斯托瓦尔港所营运之码头，并且强行接管码头之行 政及营运控制权。据公司理解，特许经营权已于2026年2月23日起被视为终止，而PPC已于同日终止在 两个港口之码头的一切运作。 每经AI快讯，2月26日，长和在港交所公告，继公司于2026年2月4日刊发自愿性公告后，巴拿马政府宪 报于2026年2月23日刊登了巴拿马最高法院就1997年1月16日第5号法律原于2026年1月29日公布所作之裁 决，以及一项行政法令，该行政法令要求巴拿马政府占用公司之附属公司巴拿马港口公司（PPC）之所 有动产。 PPC已获得意见，指该裁决、该行政法令及巴拿马政府就PPC于该两个港口之码头营运所采取的相应行 动，与相关法律框架，以及批准该特许经营合约之法律并不一致。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承 擔任何責任。 自願性公告 巴拿馬港口 長江和記實業有限公司（「本公司」，連同其附屬公司統稱「本集團」）之董事會（「董事會」） 宣佈，繼本公司於 2026 年 2 月 4 日刊發自願性公告後，巴拿馬政府憲報於 2026 年 2 月 23 日刊登了 巴拿馬最高法院就1997年1月16日第5號法律原於2026年1月29日公佈所作之裁決（「該裁決」）， 以及一項行政法令（「該行政法令」），該行政法令要求巴拿馬政府佔用本公司之附屬公司巴拿馬港 口公司（「PPC」）之所有動產。 巴拿馬政府代表強行進入由 PPC 於巴爾博亞港及克里斯托瓦爾港所營運之碼頭，並且強行接管碼頭之 行政及營運控制權。據本公司理解，特許經營權已於 2026 年 2 月 23 日起被視為終止，而 PPC 已於同 日終止在兩個港口之碼頭的一切運作。 PPC 已獲得意見，指該裁決、該行政法令及巴拿馬政府就 PPC 於該兩個港口之碼頭營運所採取的相應 行動，與相關 ...

Core Viewpoint - The Hong Kong Stock Exchange announced that the Cheung Kong Group will sell its entire stake in UK Power Networks, raising over HKD 110 billion, marking a significant strategic shift for the company [1][3][8]. Group 1: Transaction Details - The three companies involved in the transaction are Cheung Kong Infrastructure, Power Assets Holdings, and CK Hutchison, each holding different stakes in the UK Power Networks [3][5]. - Cheung Kong Infrastructure and Power Assets Holdings each sold 40% of their stake for HKD 44.3 billion, while CK Hutchison sold its 20% stake for HKD 22.15 billion, totaling HKD 1,107.5 billion for the transaction [6][8]. - UK Power Networks is the largest distribution network operator in the UK, serving 8.3 million households and businesses, and accounts for about a quarter of the UK's distribution industry revenue [8][15]. Group 2: Strategic Considerations - The sale is part of a long-term strategy, as the Cheung Kong Group has been involved in UK infrastructure since 2010, capitalizing on low asset prices during the European debt crisis [11][13]. - The decision to sell is influenced by recent market volatility in the UK energy sector, rising inflation, and increased energy prices, which have pressured utility asset operations [17][19]. - The proceeds from the sale will be used for future investments and acquisitions, optimizing the company's global asset allocation [9][22]. Group 3: Market Impact - Following the announcement, Cheung Kong Group's stock saw a significant increase, reflecting positive market sentiment regarding the cash flow and improved financial position resulting from the sale [27]. - The acquisition by French utility company Engie will enhance its presence in the European utility sector [29]. Group 4: Industry Implications - The sale of UK Power Networks is viewed as a signal of a broader reshuffling of global infrastructure assets, with investors increasingly shifting focus towards renewable energy and new infrastructure [30][31]. - Despite the sale, Cheung Kong Group retains other valuable assets in the UK, indicating a cautious but ongoing investment strategy in the region [30][33].