Free to Read: Richard Li’s Pacific Century Distances Itself from CK Hutchison’s Global Port Sale

Pacific Century has operated entirely independently of CK Hutchinson since 2000, company says

Richard Li at the Global Financial Leaders’ Investment Summit in Hong Kong on Nov. 19, 2024.

Richard Li’s Pacific Century Group has made clear that all its businesses operate independently following inquiries from Chinese mainland partners about CK Hutchison’s planned sale of its global port assets.

The clarification came amid public and political scrutiny of CK Hutchison’s pending $19 billion deal to sell its 43 port operations across 23 countries — including key terminals at either ends of the Panama Canal — to a consortium led by U.S. asset manager BlackRock. The deal is expected to be finalized by April 2.

CK Hutchison, controlled by Hong Kong billionaire Li Ka-shing’s family and now led by his eldest son, Victor Li, has faced growing attention due to the sensitive nature of the assets involved.

Although Richard Li’s tech and media-focused Pacific Century is not directly linked to the deal, it has fielded questions about any potential affiliation. A company spokesperson emphasized that Pacific Century has operated entirely independently of CK Hutchison since 2000, with no shared ownership or involvement in each other’s business decisions.

Richard Li, the youngest son of Li Ka-shing, stepped down from his executive roles at Hutchison Whampoa in 2000 and has since focused on building a separate business empire through Pacific Century Group and its affiliated companies, which span telecommunications, media, insurance and real estate.

On March 27, media reports suggested that recent business dealings between Chinese state-owned enterprises and firms linked to Li Ka-shing had been affected by the port sale — though these reports did not cite clear sources. Richard Li has long expressed hopes of expanding his insurance group FWD into Chinese mainland and has been working toward that goal for years.

CK Hutchison has maintained that the port sale is purely a commercial decision. Frank John Sixt, the company’s co-managing director, said the decision is not politically motivated.

Nonetheless, the scale and geopolitical sensitivity of the transaction have raised concerns. Hong Kong Chief Executive John Lee stated last week that the city opposes any form of external political pressure on its companies and supports fair treatment of local firms abroad.