Hong Kong billionaire Li Ka-shing’s conglomerate, CK Hutchison Holdings, is caught in a brewing geopolitical storm over its decision to sell its terminals at two strategically significant Panama Canal ports to a consortium led by BlackRock, an American multinational investment company.

The holding company’s shares took a nosedive in Hong Kong trading on Monday after reports surfaced that the much-discussed deal won’t be signed this week, leaving the $22.8 billion agreement in limbo. The Chinese Communist Party’s press machine has gone into full offense mode, with pro-Beijing outlets like Ta Kung Pao labeling the deal as a “betrayal of national interests.” 

China’s market regulator is also jumping in. On Friday, it announced it will conduct an antitrust review of the sale “to protect fair competition and public interest.” Insiders suggest the real goal is to shield China’s strategic influence in the Panama Canal region. One anonymous source involved in the negotiations described the situation as being under “obvious pressure,” though they stressed that talks were still ongoing, Reuters reported.

President Trump has championed the deal, calling it a significant step in bolstering hemispheric defense and reducing China’s clout in the area. A U.S. State Department spokeswoman last week was blunt about China’s pushback. “It’s no surprise that the CCP is upset at this acquisition, which will reduce their control over the Panama Canal area,” Tammy Bruce said during Friday’s regular briefing.

Over the past two weeks, outlets like Ta Kung Pao, widely regarded as Beijing’s mouthpiece, have been roasting CK Hutchison’s planned sale. The attacks escalated when China’s Hong Kong and Macau Affairs Office reposted scathing articles questioning why CK Hutchison would hand over strategic infrastructure during such turbulent times.

CK Hutchison announced the sale “in principle” on March 4, anticipating that definitive documents would be signed by April 2. Only Monday’s developments cast a shadow on that deadline. According to sources, the delay doesn’t spell the end of the deal — just a potential pause. Negotiations remain exclusive with BlackRock’s consortium for now, with a 145-day timeline officially on the books.

“The April 2 date isn’t a hard deadline,” one insider who declined to be named told Reuters. Another source suggested that the setback was political, rather than financial.

The full deal involves CK Hutchison selling 90 percent of its Hutchison Ports business, encompassing 43 ports across 23 countries. This includes the two critical Panama Canal terminals, originally granted to the company in 1998 and renewed for another 25 years in 2021.

The stakes are enormous for all parties involved. CK Hutchison could walk away with a whopping $19 billion in cash if the transaction proceeds. Meanwhile, Beijing has made it clear that major Chinese business divestments involving American companies are now under its political microscope — something analysts predict will only intensify.

For Mr. Li, the “Superman” tycoon, this is more than just a deal. It turns the spotlight back onto his complicated relationship with China. Bloomberg recently reported that state-owned Chinese firms have been advised to avoid new business dealings with companies tied to Mr. Li and his family, adding another layer of intrigue to this fast-developing story.