Panama ports deal: Who is billionaire Li Ka-shing? How did Hong Kong’s richest man anger China?

United States President Donald Trump is reportedly “very pleased” with the sale of Hong Kong conglomerate CK Hutchison Holdings' Panama ports assets to a consortium that includes US investing giant BlackRock.

Amid lashing from Chinese media for “disloyalty” and CK Hutchison's defence that the transaction was purely commercial in nature, we take a look at who Li Ka-shing is, and why Beijing is displeased and the significance of Li Ka-shing's Panama deal amid US-China tensions and Donald Trump's tariff wars.

Hong Kong's Richest Man: Who is Billionaire Li Ka-Shing?

‘Rags-to-riches’ business mogul,96-year-old Li Ka-shing built Hong Kong's prestigious CK Hutchison Holdings, according to an AP report. He is the richest man in the region and among the top 50 richest in the world according to Forbes. The publication puts his net worth at $38 billion.

While Li retired from his post of Chairman in 2018 and was suceeded by his son, the billionaire, nicknamed “Superman” is still among the region's most influencial figures, the AP report added.

He rose to prominence from the former British colony to expand interests in real estate, telecom, supermarkets and utilities. The company also operates Superdrug (British chemist franchise) and Three (European mobile network firm), the report added.

Why is the Panama Deal Significant? How Has Li Ka-shing angered China?

Li is now in the spotlight since his company's deal (announced on March 4) to sell its subsidiaries' ports in the Panama Canal — an asset it had held since 1997. The biggest rub is that the buyer is a consortium that includes US investment firm BlackRock and comes while US President Donald Trump has accused China of interfearing in the Panama Canal.

Li is not a stranger to Beijing's reach in Hong Kong — he was part of the committee that helped select the financial hub's new leader when it was brought under administrative control of China, the report said.

The past week has seen local media outlets push criticism against the deal sourced to Beijing's local affairs office, the report noted. And while Chinese leaders acknowledge that support for local business tycoons can help preserve Hong Kong's capitalistic system, Li who has lent has influence, is not free from criticism.

In 2015, Li faced accusations of “immorality” for selling assets in mainland China; then in 2019 during the pro-democracy protests some in Beijing were unhappy by his “percieved ambivalence”. Now in 2025, the Panama posts deal has opened a can of worms.

Why is China Unhappy and Donald Trump Pleased?

Donald Trump has repeatedly claimed he would seize control of the Panama Canal, which is a key global trade channel. The ports held by CK Holdings are on each end of the Canal and strategically important. US-based BlackRock having some control over its operations has been music to Donald Trump's ears. But China is fuming.

The nearly $23 billion deal, will give the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal.

In its commentary, a Beijing-backed newspaper termed the deal a “betrayal of all Chinese” and asked to company to choose a side and warned against “dance with” US politicians.

AP cited some local reports say that Chinese leaders were also angered about not being consulted before the deal was made, given that ports are a strategic asset and make for sensitive transactions on a good day.

At present it is unclear whether China will pull the plug on this deal and the country's foreign ministry did not respond to questions about investigations into the matter.

Wilson Chan, co-founder of the Pagoda Institute, a think tank focusing on public policy and the global political economy, told the agency that cancelling the deal now would be risky. “Strictly speaking, you just let Trump take credit for it, then you later say ‘Sorry, I’m canceling the deal.’ You can imagine what Trump’s reaction would be,” he said.

Longer term, while Li could try to make good with Chinese leaders, and use the money from the deal for investments in the mainland, relations between companies and the government may still be rough, the report noted.

"If Beijing steps up pressure on Li to scrap the Panama deal, the Trump administration could hit back with more sanctions and restrictions on Hong Kong and Chinese businesses and some individuals. The situation shows that Washington’s concerns about Hong Kong's business autonomy are valid. This is bad when it comes to the defense of ‘one country, two systems,’” George Chen, managing director for Hong Kong at The Asia Group, a Washington-headquartered business and policy consulting firm told AP.

(With inputs from AP)