18亿美元打了水漂？李嘉诚在巴拿马运河的30年投资生意，因一纸"违宪"裁决骤然崩塌。裁决次日，港口运营权便迅速移交给了丹麦航 运巨头马士基。这不仅仅是一场普通的商业纠纷，而是一场赤裸裸的"零元购"。近三十年的经营积淀，超过18亿美元的巨额投资，在政 治博弈的风暴面前，所谓的契约精神顷刻间化为乌有。而这一切背后，正是美国特朗普政府公开宣言要"夺回巴拿马运河"的强硬态度， 国务卿鲁比奥毫不掩饰的"喜悦"和"支持"。如今，长和集团从原本的港口经营者，成了恳求谈判的乞求者，姿态低得几乎无以复加，口口 声声说"所有条款都可以重谈"。然而，谈判桌上，面对的已经是新来的"接盘人"。 "合同违宪，合同自始无效。"这一判决直接撕开了长和集团在巴拿马近三十年经营的根基。被裁定无效的港口，包括位于巴拿马运河太 平洋一侧的巴尔博亚港和大西洋一侧的克里斯托瓦尔港。这两个港口可不是普通的码头，它们是巴拿马运河集装箱货运的核心枢纽，承 担着运河约40%的集装箱吞吐量，服务全球160多个国家和地区的贸易航线。全球约2%的集装箱贸易流量，依赖这两个港口。长和集团与 这两个港口的渊源可追溯到1997年，那时，长和通过国际公开竞标，成功获得了这两 ...

Core Viewpoint - The Panamanian government has forcibly taken control of two ports operated by Hong Kong's Cheung Kong Holdings, leading to strong protests from both the Hong Kong government and the company [1][3]. Group 1: Government Actions - On January 23, the Panamanian Supreme Court declared the contract granting Cheung Kong's subsidiary the right to operate the ports invalid, citing "unconstitutionality" [1]. - President Mulino ordered the "temporary takeover" of Balboa and Cristobal ports, claiming it was necessary for "emergency social public interest" [1][2]. - The takeover involves transferring management and operational rights to the Panama Maritime Authority, with the government stating that it does not imply a permanent loss of ownership [1]. Group 2: Impact on Operations - The two ports are significant, handling 3.77 million containers in 2025, which accounts for 38% of Panama's total port throughput [2]. - The ports will be temporarily managed by subsidiaries of Maersk and Mediterranean Shipping Company for 18 months, with plans for a public bidding process to award permanent rights to independent companies [2]. Group 3: Company Response - Cheung Kong Holdings has stated that the Panamanian government's actions are illegal and pose serious risks to the operational order, health, and safety of the ports [3]. - The company has initiated arbitration proceedings against Panama, claiming damages of $2 billion due to the forced termination of its operating rights [3]. Group 4: Market Reactions - The forced takeover has already caused delays in shipments from China to Panama, leading to increased logistics costs and freight rates [4]. - There is a general sentiment among the Panamanian public against the government's actions, with concerns about potential economic losses [4].

本报驻香港特约记者 叶 蓝 据港媒2月7日报道，香港商务及经济发展局局长丘应桦再次召见巴拿马驻港总领事，就巴拿马最高法院 裁定巴政府与长和巴拿马港口公司续约经营的两个巴拿马港口违宪一事，表达对裁决的强烈不满和反 对。 日前，巴拿马最高法院以所谓"违宪"为由，裁决有关香港企业巴拿马运河港口特许经营合约续约无效。 中国外交部和特区政府都发声，强烈反对任何外国政府在国际经贸关系中使用胁迫、施压或其他不合理 的手段，表示这严重损害香港企业在当地的合法经营权益。特区政府发言人指出，"基于现时巴拿马的 情况，香港企业应认真审视其现时及未来在当地的投资"。长和旗下巴拿马港口公司也发表声明称，已 根据适用特许经营合约及国际商会的仲裁规则，对巴拿马启动仲裁程序。长和还斥责巴拿马政府有违诚 信及背弃合约精神，令人不齿。曾任特区政府仲裁推广咨询委员会成员的立法会议员陈晓峰表示，据他 了解，长和与巴拿马双方订立合约时已订明，商业纠纷将交由位于美国纽约的国际商会国际仲裁院处 理，预计有关案件需要三至四年才有结果。 香港《大公报》日前评论称，"港企的贡献，巴拿马民众看在眼里，全球业界有目共睹。但巴拿马当局 无视这一切，仅凭可笑的'违宪' ...

其实，李嘉诚敏锐地察觉到这两个港口在局势中的特殊性，立马套现离场。与此同时，李在大健康赛道 落下多枚棋子诸如和黄医药、同仁堂等，引发诸多投资者入跟风场。 如今在两广地区十分火热的"原切 芝"，是当地区逢年过节的送礼门面，其背后资本似乎与李也有密切的联系。 从京东 、 天猫 表现来看， 维特健灵 "原切芝"贴合了国内健康风向，取材自广西野生赤芝产地，并以 原切加工高度保留营养成分，一经上市就引发断货信号。 所有人都傻眼了，吵了一年的港口交易案，到头来被巴拿马"戏耍"了。 巴最高法院 一锤定音： 长和旗下两座港口的运营合同违宪，必须收回 。官方随即宣布，由丹麦马士基 集团临时接管，等后续重新招标。 李嘉诚费尽心思要卖出去的港口，转头就一无所有，到底发生了什么，中方又是什么态度？ 李嘉诚手里的两座港口，堪称印钞机。每年有1.5亿艘次大型货轮从这里进出，占整条运河集装箱吞吐 量的四成。 他经营了30年，真金白银投入18亿美元（约为124.92亿人民币），巴方的一纸判决，全部落 空。 巴拿马理由冠冕堂皇，说是续签没走公开竞标程序，违反了采购法。这事儿还真让国内专家说着了，这 就是个 早就设好的局 ，等着你往里跳。 怪不 ...

Core Viewpoint - The Hong Kong-based Cheung Kong Holdings Limited (CKH) strongly opposes the recent ruling by the Panama Supreme Court, which declared the port concession agreements held by its subsidiary, Panama Ports Company (PPC), as unconstitutional, leading to significant backlash from the Chinese and Hong Kong governments [1][3]. Group 1: Legal and Operational Developments - PPC has initiated arbitration proceedings against the Panamanian government following the Supreme Court's ruling, which is expected to take effect in early February [3]. - The ruling has prompted the Panamanian government to take actions against PPC, including seizing operations and conducting inspections based on the unpublished court decision [4][5]. - PPC claims that the government's actions over the past year have been unreasonable and have caused severe financial losses, while other companies with similar agreements have not faced the same treatment [3][5]. Group 2: Economic and Political Implications - The Chinese government has condemned the Supreme Court's ruling, stating that it undermines the rule of law and contract spirit, and warns that Panama will face significant political and economic consequences if it continues down this path [1][7]. - The situation is viewed as a geopolitical struggle, with analysts suggesting that the port operations have become a battleground for U.S.-China tensions in Central America [6]. - The ruling is perceived as damaging to Panama's international credibility and could have long-term negative effects on its business environment and economic development [7].

2月6日，外交部发言人林剑主持例行记者会。 法新社记者提问，有媒体报道称，中方已要求国有企业暂停与巴拿马的新合作项目洽谈。中国国务院港澳事务 办公室本周早些时候表态称，巴拿马当局此举必将付出 "沉重代价"。外交部对此有何评论？ 林剑表示："中方此前已就巴拿马有关港口的问题多次阐明立场。我们的立场是明确的。你问到的具体情况， 请向中方的主管部门了解。" 日前，巴拿马最高法院以所谓"违宪"为由，裁决有关中国香港企业巴拿马运河港口特许经营合约续约无 效。外交部就巴拿马有关港口的问题已多次发声。 外交部：巴拿马最高法院有关裁决罔顾事实，背信弃义 在2月5日外交部例行记者会上。会上有记者提问称：中方多次就巴拿马最高法院裁定香港长和集团持有巴拿马 运河两端港口运营权违宪，表示中方将坚决维护中方企业正当合法权益，请问中方下一步将会采取什么样的措 施？是否已同巴方就港口下步运营进行沟通？ 林剑对此表示，中方此前已就巴拿马有关港口的问题多次阐明立场。日前中国国务院港澳事务办公室发布文章 指出，巴拿马最高法院的有关裁决罔顾事实，背信弃义，严重损害中国香港企业合法权益，强调中国政府坚定 维护中国企业的正当合法权益，你可以查阅。 有 ...

Core Viewpoint - The Hong Kong-based company Cheung Kong (Holdings) Limited (CKH) is initiating arbitration against the Panamanian government following a ruling by the Panamanian Supreme Court that invalidated the port concession agreements held by its subsidiary, Panama Ports Company (PPC), citing "unconstitutionality" [1][3]. Group 1: Company Actions and Responses - PPC has formally initiated arbitration proceedings against the Republic of Panama through the International Chamber of Commerce (ICC) due to actions taken by the Panamanian government that are deemed inconsistent with the legal framework governing the concession agreements [3][4]. - The company has expressed strong opposition to the Panamanian Supreme Court's ruling and the subsequent actions taken by the government, which include aggressive measures to take over PPC's operations [3][4]. - PPC has reported that it has made extensive efforts to resolve the conflict through negotiation, but the Panamanian government has ignored its requests for dialogue [4]. Group 2: Legal and Economic Implications - The Panamanian Supreme Court's ruling has not yet been published or come into effect, but the government has already begun actions based on this unannounced ruling, including inspections and demands for access to PPC's assets and information [4]. - The ruling and the government's actions are seen as a violation of the concession agreements and relevant laws, prompting PPC to seek extensive compensation based on financial assessments [4][7]. - The situation is viewed as detrimental to Panama's international credibility and could have long-term negative impacts on its business environment and economic development [7]. Group 3: International Context and Reactions - Analysts suggest that the dispute over the Panama Canal port operations is not merely a commercial issue but is intertwined with geopolitical tensions, particularly between the U.S. and China [5]. - The U.S. has expressed support for the Panamanian Supreme Court's decision, viewing it as a victory in its efforts to diminish Chinese influence in Central America [5][6]. - The Chinese government has condemned the ruling, asserting that it undermines the rule of law and contract spirit, and has warned that Panama will face significant political and economic consequences if it continues down this path [1][6][7].

和记港口的拖船正在引导集装箱船（1月30日，巴拿马，Reuters） 巴拿马运河两座港口成为中美角力的舞台。此次启动国际仲裁，可能让事态进一步复杂化…… 2月4日，香港长江和记实业（CK Hutchison，以下简称"长和"）宣布，已启动对巴拿马政府的国际仲裁 程序。巴拿马最高法院裁定管理巴拿马运河两端港口的长和旗下企业和巴拿马政府签订的合同违宪，长 和对此表示反对。 美国总统特朗普试图消除中国在中美洲地区的影响力，将长和认定为中国企业并对其实施排除措施，巴 拿马运河两端的这两座港口也由此成为中美角力的舞台。此次启动国际仲裁，可能让事态进一步复杂 化。 自1990年代起，巴拿马运河两端的两座港口便由长和旗下的和记港口（Hutchison Ports）受巴拿马政府 委托负责运营管理。2021年，巴拿马审计长办公室认为和记港口与政府续签的、有效期至2047年的港口 管理合同存在违规问题，以违宪为由向巴拿马最高法院提起诉讼。 巴拿马政府在此次违宪判决作出后，正式推进针对长和的排除举措。1月 30日，作为决定新运营商之前 的临时措施，巴方宣布由丹麦海运巨头马士基集团旗下企业接手港口的运营管理工作。 美国特朗普政府对巴 ...

2026.02. 02 本文字数：1200，阅读时长大约2分钟 作者 | 第一财经 郑栩彤 预告公司陷入亏损后，今日闻泰科技（600745.SH）跌停。 | < W | 间员科技(600745) | | | | --- | --- | --- | --- | | 闭市 02-02 15:00:00 通 融 | | | | | 35.46 | 额 4.58亿 股本 12.45亿 市盈 -25.5 | | 万得 | | -10.00% 换 1.04% 市值1441亿 市净 1.30 -3.94 | | | 空口 | | 盯盘 第1次2025年年报业绩预告，公司业绩：续亏。 预测业绩：净利 × | | | | | 分时 五日 日K 日高K 月K 更多 | | | [0] | | 叠加 | | | 盘口 资金 | | 43.34 | 10.00% 卖5 35.50 | | 769 | | | | 卖4 35.49 | 591 | | | | 23 35.48 | 505 | | | | 定2 | 35.47 1879 | | 39.40 | | 0.00% ¥1 35.46 399305 | | | | | 27 | ...

Core Viewpoint - The ongoing control dispute over Nexperia, a subsidiary of Wentech Technology, has led to significant operational restrictions imposed by the Dutch government, affecting the company's ability to manage its assets and operations effectively [2][3]. Group 1: Company Developments - Wentech Technology plans to reaffirm its position and actively defend its rights during a second hearing scheduled for January 2026 [2]. - The Dutch Ministry of Economic Affairs issued a ministerial order in September, freezing Nexperia's assets and restricting Wentech's control over the subsidiary [2]. - The company has submitted a dispute notice on October 15, indicating that if the issue is not resolved within six months, it may seek international arbitration with potential claims up to approximately $8 billion [3]. Group 2: Operational Impact - Following the control dispute, Nexperia's temporary management has dismissed senior employees of Chinese nationality or with Chinese backgrounds and halted salary payments and social security for employees in China [3]. - Nexperia China is working to validate domestic wafer suppliers to stabilize the supply chain, with completion expected between Q1 and Q2 of 2026 [4]. Group 3: Legal and Regulatory Context - The Dutch government has been accused of excessive intervention based on unfounded "national security" concerns, leading to operational freezes for Nexperia [3]. - The Chinese Ministry of Commerce has called for negotiations to resolve control and supply chain issues, emphasizing the need for the Dutch government to withdraw its administrative order [5].