China ordered state-owned enterprises to halt new collaborations with businesses tied to Hong Kong billionaire Li Ka-shing following his plan to sell two Panama ports to a global consortium, Bloomberg reported Thursday, citing people familiar with the matter.
While existing partnerships remain unaffected, the sources said regulators are reviewing the family's investments in China and abroad, according to the report.
The directive adds pressure on Li after the family-owned CK Hutchison's (HKG:0001) $19 billion port sale drew scrutiny in Beijing amid the US-China tensions, the report said.
Shares of CK Hutchison fell more than 1% at market close on Friday while those of CK Asset (HKG:1113), another Li family-owned business, declined nearly 1%.
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