Richard Li Tzar Kai, the second son of Hong Kong billionarie Li Ka-shing, appeared at a Beijing economic forum March 23-24, drawing speculation that he was there to appease the communist regime after his father’s business, CK Hutchison, announced earlier it would sell most of its interests in Panama ports to a consortium led by U.S. investment firm BlackRock.
Richard Li, founder and chairman of private investment group Pacific Century Group (PCG), attended the China Development Forum 2025 Annual Meeting, “Unleashing Development Momentum for Stable Growth of Global Economy,” organized by the regime’s State Council’s Development Research Center.
Chinese Communist Party (CCP) Premier Li Qiang delivered a speech at the forum, which was attended by more than 100 foreign representatives from international organizations, Fortune 500 multinational corporations, and the global business community.
On March 23, according to the WeChat public account of the China Development Forum, key foreign representatives at the meeting included Roland Busch, chairman of the board, president, and CEO of Siemens AG; Tim Cook, CEO of Apple Inc.; Jay Y. Lee, chairman of Samsung Electronics; Oliver Zipse, chairman of the Board of BMW Group; Ola Källenius, chairman of the Board of Mercedes-Benz Group; Cristiano Amon, president and CEO of Qualcomm, and over 80 representatives from multinational corporations.
CK Hutchison, under Li Ka-shing’s leadership, recently announced the sale of its port businesses in 43 countries, including most of its stakes in ports at both ends of the Panama Canal, to the BlackRock consortium for $22.8 billion.
The deal has angered Beijing, which has begun maneuvering against the pending sale. Between March 13 and March 19, pro-Beijing Hong Kong newspaper Ta Kung Pao published more than 10 articles criticizing Li Ka-shing’s decision, labeling the 96-year-old tycoon as a traitor for “selling out the country and the entire Chinese population,” and “spinelessly kneeling” before the United States.
The Hong Kong and Macau Affairs Office, the CCP’s representative in Hong Kong, has reprinted three Ta Kung Pao articles on its website. When asked about the matter on March 18, Hong Kong Chief Executive John Lee stated that he was “against any use of coercion or pressure in international trade” and that any transactions must follow Chinese laws and regulations.
In 2018, Li Ka-shing stepped down as chairman of both K Hutchison Holdings Ltd. and CK Asset Holdings Ltd., transitioning to a senior adviser role. He passed on his empire to his eldest son, Victor Li, 60, who also holds Canadian citizenship.
When Li Ka-shing announced his retirement in 2018, he stated that Richard Li, 58, would not join CK Hutchison in the future.
Given the controversy surrounding CK Hutchison’s recent port sale plan, Richard Li’s high-profile appearance in Beijing has drawn public attention.
Frank Tian Xie, a business professor at the University of South Carolina Aiken and a China observer, holds that Li Ka-shing probably did not communicate with the CCP before the deal, and it was purely a business decision made for self-preservation.
“The CCP’s approach reflects its domineering mindset of ‘all under heaven belongs to the emperor,’ believing that Li Ka-shing’s ports are something they can exploit, even considering them as part of their own territory,” he told The Epoch Times.
“This is why the CCP is now furious, angrily criticizing and supporting pro-communist media in their relentless attacks.”
Xie said he believes that Richard Li’s trip to Beijing is an attempt to appease the CCP, yet this matter “may hardly be reversed.”
“The CCP values most the ports beside the Panama Canal, but in reality, they have miscalculated. First, by doing this, they have exposed the hypocrisy of their ‘one country, two systems’ policy; secondly, it reveals the CCP’s ambitious global strategy,” he said.
“One country, two systems” is a framework promised by the CCP for Hong Kong when the previously British-ruled city was transferred to China. It allows the city to maintain its capitalist system and autonomy under Chinese sovereignty for 50 years after the 1997 handover. However, there have been growing concerns in recent years about the CCP’s increasing control and the erosion of Hong Kong’s promised autonomy.
Xie believes that no matter what the CCP does, it cannot stop the Panama ports’ sale; even if Li Ka-shing were willing to halt the sale, the CCP would still not achieve its goal.
“Because President Trump and his administration now seem to have made up their minds to reclaim the Panama Canal,” Xie said.
“Whether it is sold to an American company or not, since the plan is to reclaim it no matter what, Li Ka-shing’s decision means that if he sells, he can still get some money back; if he doesn’t sell, he might end up with nothing,” he said.
“Therefore, for the CCP, it’s like drawing water with a bamboo basket—ultimately in vain. For Li Ka-shing, if he can hold on, at least he won’t lose any money.”
