Core Viewpoint - The Chinese government, through spokesperson Lin Jian, has responded to the ruling by Panama's Supreme Court regarding the operational rights of Hong Kong's CK Hutchison Holdings at both ends of the Panama Canal, emphasizing the protection of Chinese enterprises' legitimate rights and interests [1]. Group 1 - The Panama Supreme Court ruled that the operational rights held by Hong Kong's CK Hutchison Group at the Panama Canal are unconstitutional [1]. - U.S. Secretary of State Rubio expressed satisfaction with the ruling, while the U.S. House of Representatives' China Select Committee Chairman, Molinar, stated that the Western Hemisphere does not welcome China's malicious influence [1]. - The Chinese government criticized the U.S. for its Cold War mentality and ideological bias, asserting that the U.S. is attempting to dominate the canal while claiming to uphold the rule of law [1].

Core Viewpoint - The Panama Supreme Court's ruling declaring the contract for the operation of ports by Hong Kong enterprises as unconstitutional is seen as a violation of legal principles and has drawn strong opposition from both the Chinese government and the Hong Kong Special Administrative Region (HKSAR) government [4][5][9]. Group 1: Company Actions and Responses - Changjiang Holdings announced that its subsidiary, Panama Port Company (PPC), which holds a 90% stake, has initiated arbitration against the Republic of Panama due to the Supreme Court's ruling and government actions being inconsistent with the original legal framework and concession agreement [1]. - The board of Changjiang Holdings expressed strong opposition to the ruling and plans to consult legal advisors while reserving all rights, including pursuing further domestic and international legal actions [1]. Group 2: Government and Public Reactions - The Chinese government and HKSAR government have firmly opposed the ruling, emphasizing that it severely undermines the legitimate rights of Hong Kong enterprises and damages the business environment in Panama [4][9]. - The HKSAR government stated that the ruling could shake investor confidence and harm bilateral relations and long-term economic development [9]. - The Chinese Foreign Ministry has indicated that it will take all necessary measures to protect the legitimate rights of Chinese enterprises, including those from Hong Kong, against such coercive actions [10]. Group 3: Economic Implications - The ruling is viewed as a significant threat to Panama's credibility as a host for international investments, potentially leading to long-term damage to its business environment and economic development [5][6]. - The Hong Kong enterprises have invested over $1.8 billion in Panama, creating thousands of jobs, and the ruling is seen as detrimental not only to the companies involved but also to Panama's own interests [5].

PPC从2月3日开始，已展开并将根据适用特许经营合约及国际商会的仲裁规则，积极果断对巴拿马共和 国进行仲裁。 公司董事会对巴拿马的裁定及相关行动表示强烈反对，会继续咨询其法律顾问，并保留包括就该事宜进 一步诉诸国内及国际法律程序在内的一切权利。 自1月29日裁定公布之后，长和股价连续2个交易日走低后，已经在2月3日开始有所反弹。至2月4日早间 开盘，长和股价回到65港元/股的价格。 (文/孙梅欣 编辑/张广凯） 针对当地时间今年1月29日巴拿马最高法院做出的巴拿马两个港口合同"违宪"的裁定，长和今日正式通 过公告"反击"。 长和2月4日盘前发布公告，知悉巴拿马于1月29日发布声明，对1997年1月16日经有关法律批准获准巴拿 马港口公司（公司简介持有90%权益的公司PPC），在巴拿马巴尔博亚港和克里斯托瓦尔港已经营接近 30年的特许经营合约违宪。巴拿马最高法院的裁定可能于2026年2月初生效。 PPC方面获得意见，指巴拿马最高法院的决定，以及巴拿马政府就PPC在该两个港口码头运营所采取的 相应行动，与相关法律框架，以及批准该特许经营合约的法律并不一致。 本文系观察者网独家稿件，未经授权，不得转载。 ...

Core Viewpoint - The recent ruling by the Panama Supreme Court has declared the contract allowing Cheung Kong Holdings (CKH) to operate two key ports in Panama unconstitutional, leading to significant legal and operational challenges for the company [3][10][25]. Company Operations - CKH indirectly holds a 90% stake in Panama Ports Company (PPC), which operates Balboa and Cristobal ports, handling approximately 40% of the Panama Canal's container throughput and 2% of global maritime trade [5][18]. - Since acquiring the operating rights in 1997, CKH has invested over $1.8 billion in upgrades and has operated the ports for nearly 30 years, with a contract renewal extending operations until 2047 [5][18]. Legal Actions - On February 3, 2026, PPC initiated arbitration against the Panamanian government, asserting that the Supreme Court's ruling contradicts the legal framework governing the concession agreement [6][19]. - CKH's board has expressed strong opposition to the ruling and is consulting legal advisors to explore all legal avenues to protect its rights [6][19]. Government Response - The Hong Kong government has publicly opposed the ruling, emphasizing the need for a fair and transparent business environment for Hong Kong enterprises operating in Panama [7][20]. - The Chinese government has also reiterated its commitment to protecting the legitimate rights of Chinese enterprises in response to the ruling [9][22]. Market Impact - Following the Supreme Court's ruling, CKH's stock price experienced significant volatility, dropping over 5% on January 30, 2026, before rebounding by 4.07% on February 3, 2026, after the arbitration announcement [10][23]. - The asset sale plan for CKH, which includes 43 global port assets valued at $22.8 billion, has been complicated by the ruling, raising concerns about the transaction's future [11][24]. Geopolitical Context - The ruling is seen as influenced by geopolitical factors, particularly U.S. concerns over Chinese influence in Latin America, which has led to increased scrutiny of CKH's operations in Panama [12][25]. - The Supreme Court's decision is based on a lawsuit initiated by the official audit office, citing procedural issues and financial obligations, although these claims are disputed by CKH [12][25].

编辑：七三 董事会对巴拿马之裁定及相应行动表示强烈反对，本集团继续咨询其法律顾问，并保留一切权利，包括 就该事宜诉诸进一步国内及国际法律程序。 长和在港交所公告，巴拿马港口公司（PPC，为本公司间接持有90%权益之附属公司）已获得意见，指 巴拿马最高法院所宣布的决定，以及巴拿马政府就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。 于2026年2月3日，PPC已展开并将根据适用特许经营合约及国际商会之仲裁规则，积极果断对巴拿马共 和国进行仲裁。 ...

Core Viewpoint - The announcement by the company regarding the decision of the Supreme Court of Panama to declare Law No. 5 of January 16, 1997 unconstitutional, which affects the operations of its subsidiary, Panama Ports Company (PPC) [1] Group 1: Legal Developments - The Supreme Court of Panama announced on January 29, 2026, that Law No. 5 of January 16, 1997, and its amendments are unconstitutional [1] - This law has allowed PPC to operate under a concession agreement at Balboa and Cristobal ports for nearly 30 years [1] - The decision by the Supreme Court is expected to take effect in early February 2026 [1] Group 2: Company Response - PPC has received legal opinions indicating that the Supreme Court's decision and the actions taken by the Panamanian government regarding PPC's operations are inconsistent with the legal framework [1] - On February 3, 2026, PPC initiated arbitration against the Republic of Panama under applicable concession agreements and the arbitration rules of the International Chamber of Commerce [1] - The company's board strongly opposes the ruling and actions taken by Panama, and it continues to consult legal advisors while reserving all rights, including pursuing further domestic and international legal proceedings [1]

Group 1 - The core issue revolves around the Panama Supreme Court's ruling that declared the contract for the operation of two ports by Panama Port Company (PPC), a subsidiary of Cheung Kong Holdings, as unconstitutional, leading to significant legal and operational implications for the company [1][3][5] - PPC has initiated arbitration against the Republic of Panama based on the applicable concession agreement and international arbitration rules, expressing strong opposition to the court's ruling and the government's actions [1][3] - The Hong Kong government has expressed strong dissatisfaction with the ruling, emphasizing the need for a fair business environment for Hong Kong enterprises operating in Panama and warning that such actions could undermine investor confidence and bilateral relations [3][5] Group 2 - Following the court's decision, Cheung Kong Holdings' stock experienced volatility, with a drop of over 5% at one point, reflecting investor concerns regarding the impact of the ruling on ongoing negotiations for the sale of a portfolio of 43 ports, including those in Panama [8] - The company is in discussions with a consortium led by BlackRock and COSCO Shipping regarding the sale of its port assets, valued at approximately $22.8 billion, although the timeline for completion has been extended due to the need for regulatory approvals [8][9]

PPC已获得意见，指巴拿马最高法院所宣布的决定，以及巴拿马政府就PPC于该两个港口的码头营运所 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的法律并不一致。 于2026年2月3日，PPC已展开并将根据适用特许经营合约及国际商会的仲裁规则，积极果断对巴拿马共 和国进行仲裁。董事会对巴拿马的裁定及相应行动表示强烈反对，集团继续咨询其法律顾问，并保留一 切权利，包括就该事宜诉诸进一步国内及国际法律程序。 格隆汇2月4日丨长和(00001.HK)发布公告，董事会知悉巴拿马共和国司法部于2026年1月29日发表声 明，表示巴拿马最高法院已决定宣告1997年1月16日第5号法律、其修订及延展法案违宪。1997年1月16 日第5号法律为巴拿马相关法律，有关法律批准巴拿马港口公司("PPC"，为公司间接持有90%权益的附 属公司)于巴拿马巴尔博亚港及克里斯托瓦尔港已营运接近三十年的特许经营合约。据PPC理解，巴拿 马最高法院的决定可能于2026年2月初生效。 ...

格隆汇2月4日｜长和(0001.HK)在港交所公告，巴拿马港口公司（PPC，为本公司间接持有90%权益之附 属公司）已获得意见，指巴拿马最高法院所宣布的决定，以及巴拿马政府就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。 于2026年2月3 日，PPC已展开并将根据适用特许经营合约及国际商会之仲裁规则，积极果断对巴拿马共和国进行仲 裁。 董事会对巴拿马之裁定及相应行动表示强烈反对，本集团继续咨询其法律顾问，并保留一切权 利，包括就该事宜诉诸进一步国内及国际法律程序。 来源：格隆汇APP ...

自願性公告 巴拿馬港口 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。 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」）知悉巴拿馬共和國司法部於 2026 年 1 月 29 日發表聲明，表示巴拿馬最高法院已決定宣 告 1997 年 1 月 16 日第 5 號法律、其修訂及延展法案違憲。1997 年 1 月 16 日第 5 號法律為 巴拿馬相關法律，有關法律批准巴拿馬港口公司（「PPC」，為本公司間接持有90%權益之附 屬公司）於巴拿馬巴爾博亞港及克里斯托瓦爾港已營運接近三十年之特許經營合約。據 PPC 理解，巴拿馬最高法院之決定可能於 2026 年 2 月初生效。 PPC 已獲得意見，指巴拿馬最高法院所宣佈之決定，以及巴拿馬政府就 PPC 於該兩個港口之 碼頭營運所採取的相應行動，與相關法律框架，以及批准該特許經營合約之法律並不一致。 於 2026 年 2 月 3 日，PPC 已展開並將根據適用特許經營合約及國 ...