CKH HOLDINGS(HK:00001) Sou Hu Cai Jing·2025-04-01 05:53Group 1 - CK Hutchison Holdings has accumulated losses nearing HKD 100 billion, prompting potential asset restructuring by Li Ka-shing, with significant stock price declines observed across its subsidiaries following the announcement of a port transaction with BlackRock [1][3] - On March 29, CK Hutchison's stock fell by 6.98%, and its subsidiary, Hutchison Whampoa, dropped by 7.95%, leading to a total market value loss of HKD 32.36 billion over 11 trading days, with the combined market value of its four major groups shrinking by over HKD 78.1 billion [1] - Morgan Stanley downgraded CK Hutchison's rating, citing a surge in political risk premium, while the National Market Regulatory Administration has begun reviewing the port transaction for potential antitrust issues, which could prevent Li Ka-shing from cashing out USD 19 billion [1][4] Group 2 - Despite the losses, CK Hutchison has not confirmed any decision regarding the sale of its telecommunications business, which has led to market speculation about asset restructuring, including a potential spin-off of the telecom unit [3] - Li Ka-shing has responded to criticism regarding the port transaction, asserting that he has not received any special privileges from the government and framing the deal as a necessary business move, although the economic benefits of the transaction are questionable given the significant asset depreciation [4] - The U.S. has expressed support for the port transaction, aiming to weaken China's control over the Panama Canal, while China's Foreign Ministry has reiterated its opposition to economic coercion, indicating a geopolitical struggle surrounding the logistics sector [6]