First Jimmy Lai, Now Li Ka Shing

Newsman or Tycoon, Beijing’s Romp Through Hong Kong Listed Companies Dooms the City as a Financial Centre.

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First they came for Jimmy Lai, and no one in the Hong Kong business community said anything.  Then they came for small businesses that supported the Hong Kong democracy movement, again none in the business community spoke up.  Now they come for the greatest Titan of the Hong Kong business community, Li Ka Shing, and there’s really nobody left to say anything.

We know the story of the Hong Kong government shutting Jimmy Lai’s, Next Digital, (00282 on the Hong Kong Stock Exchange). Next was shuttered and delisted from the exchange under the guise of the national security law in 2021.

Concerns about press freedom and the forced closure of a media organization were rightfully in the spotlight.  Far more impactful in terms of future implications for the Hong Kong financial system, and less discussed, was the elimination by the government of a publicly listed company on a command from Beijing.

Today we find those implications coming home as both Beijing and the Hong Kong government are threatening another public company, CK Hutchinson Holdings, and its controlling shareholder Li Ka Shing, for selling their port assets in Panama.

National Security is once again the driving rationale offered up by pro-Beijing shills, as well as Beijing itself, for calling into question the port deals made by Li’s company that are now seen as damaging China’s influence in Latin America, and more importantly damaging Xi Jinping.

Let’s be clear, Li Ka Shing isn’t just any investor.  His companies are not some mid-market news media company.  Li is a tycoon’s tycoon.  His nicknames in Hong Kong are Superman and Cash.  He has no peers. 

If they come for Li, they will come for anyone.  It is impossible to state that Hong Kong is a safe investor environment, when even Li is defenseless. If the largest, most successful businessman in its history is under threat for actions that are completely legal, everyone will be.

No news organization anywhere in the world has covered Li Ka Shing in greater depth or more extensively than Next Magazine and Apple Daily; the publications of now jailed news media owner, Jimmy Lai.  

Without being too snarky, there’s a lot of people out there, giving their opinion on this deal. I’m sorry, but nobody knows Li better than the former  journalists of our organization.  

We are 100% certain that Li would never do this port deal if he did not think he had approval from Beijing.  It would defy every action of his entire career that he would proceed to sell an asset when he understands the strategic implications for China without having a green light..

So what happened? Why now the attacks on Li’s port sale?

Donald Trump was able to claim victory in kicking out a Chinese linked company from Panama.  Trump’s victory was Xi Jinping’s loss. Xi doesn’t take losses.  

So just as they always have, the CCP with the assistance of the Hong Kong government is doing a little historical rewriting.  Li will be the bad guy.  Hong Kong chief executive John Lee will be the incompetent dupe. Hong Kong’s financial system will be the victim.

First the came for Jimmy Lai, now they come from Li Ka Shing. The irony is, the one company that would’ve said something, would have stood for the Hong Kong financial system, and Li, was Jimmy Lai‘s Apple Daily.