(By Sun Meihxin, Edited by Zhang Guangkai)

At the annual general meeting of Hutchison Whampoa Limited shareholders on May 22, Chi Chang Ming, co-managing director of CK Hutchison Group, reiterated that the port transaction of CK Hutchison needs to undergo many reviews, and the company will fully cooperate. We will absolutely not implement it before obtaining approval.

Chi Chang Ming reiterated the statement released last week by CK Hutchison, stating that they would absolutely not do anything illegal or non-compliant: "We have made it very clear, so everyone can rest assured."

On May 12, Changjiang and Cheung Kong (Holdings) Limited issued a statement indicating that the port transaction will never be conducted under any illegal or non-compliant circumstances. It was also mentioned in the announcement of the plan to sell on March 4 that "the completion of the transaction is subject to the fulfillment of a series of conditions, including legal and regulatory consent and approval, no illegal or prohibited situation, necessary approval from the company's shareholders, and other appropriate and conventional conditions as agreed in the final documents."

On May 15, the spokesperson for the Ministry of Commerce stated that relevant departments have repeatedly issued statements emphasizing that the review of the port transaction sale by CK Hutchison Group will be conducted according to law, protecting fair market competition and safeguarding public interests; the parties involved in the transaction must not take any measures to evade the review, and shall not implement concentration before obtaining approval, otherwise legal responsibilities will be borne. They hope the relevant enterprises maintain clear awareness and proceed with caution.

At the shareholders' meeting, Chi Chang Ming also mentioned that MSC Mediterranean Shipping Company Group, owned by Swiss businessman of Italian origin Diego Aponte, has been a major investor from the beginning.

The mentioned MSC Mediterranean Shipping Company is a global enterprise engaged in shipping and logistics business, operating in 155 countries and regions by 2023. According to equity throughput, MSC ranked seventh globally in 2023.

The Til subsidiary of MSC is part of the BlackRock-Til consortium announced earlier as the intended port transaction party. Previously, media reports indicated that MSC's goal is to acquire other ports planned for sale by Hutchison, as completing the transaction would make MSC the largest terminal operator globally.

In addition to the port transaction, a shareholder questioned the impact brought by current tariff challenges. Li Tak Chu, chairman and executive director of CK Hutchison, stated that the changes in tariff policies bring fluctuations and uncertainties to the market, coupled with geopolitical tensions, making it difficult to predict the development of the global economy.

He stated that in such an environment, maintaining the financial health of the group is the top priority; having financial strength enables withstanding market turbulence: "Everyone is undergoing a stress test, and we need to hold more cash, borrow less, and sail carefully for a long time."

After the noon shareholders' anniversary meeting, the stock price of CK Hutchison slightly dipped in the afternoon trading session. As of 2:40 PM, the stock price of CK Hutchison was HKD 44.95 per share, down 0.99%, with a market capitalization of HKD 172.161 billion on the Hong Kong Stock Exchange.

This article is an exclusive contribution by Observer Network and cannot be reprinted without permission.

Original source: https://www.toutiao.com/article/7507169450777592357/

Disclaimer: The views expressed in this article are solely those of the author. You are welcome to express your opinions by clicking the 'Like/Dislike' buttons below.