Hong Kong's CK Hutchison stresses need for war chest in face of geopolitical tensions
CK Hutchison Holdings needs a war chest to maintain its fiscal health in the face of escalating geopolitical tensions, its chairman Victor Li Tzar-kuoi has said, with senior managers assuring the US$23 billion deal involving two Panama ports will comply with regulations.
At the conglomerate's annual general meeting on Thursday, Li said that many uncertainties were arising from geopolitics and the tariff policies of various countries, adding he 'dared not' to forecast global economic development.
'Hong Kong is currently undergoing what I would call a 'stress test'. We are holding cash with fewer loans, adopting a cautious approach to navigate through difficult times,' Li said in a meeting.
But he said that the group needed to 'maintain' its fiscal health with a war chest to cope with any unforeseen circumstances.
'With a financial backing, we can face any headwinds,' he said.
CK Hutchison Chairman Victor Li. Photo: Facebook/John KC Lee
At the first public event since the group announced on March 4 the proposed US$23 billion ports deal, excluding those in Hong Kong and China, the group's senior management shed some light on the transaction.
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