On January 29th, a ruling by the Supreme Court of Panama made Li Ka-shing’s two ports along the Panama Canal come to nothing.

A year ago, Hutchison Port Holdings, owned by Li Ka-shing, planned to sell the ports and held talks with BlackRock Inc., with an estimated value of 22.8 billion US dollars at that time.

After a series of geopolitical struggles, the Supreme Court of Panama finally declared that the franchise rights of the two ports on the Panama Canal held by Li Ka-shing’s subsidiaries were unconstitutional.

When the news came out, the share price of CK Hutchison Holdings, Li’s company, dropped sharply.

It is reported that Li Ka-shing owns dozens of ports in Europe and Australia. What their future will be remains to be seen.

1月29日。巴拿马最高法院一纸裁决，让李嘉诚在巴拿马运河两处港口化为泡影。一年前，李嘉诚旗下和记港口想要抛售港口，并且与贝莱德集团谈判，当时估价228亿美元。经历一系列地缘政治博弈，最终由巴拿马最高院宣判：李嘉诚旗下子公司持有的巴拿马运河两处港口的特许经营权违宪。消息放出时，李嘉诚旗下长和集团股价大跌。据悉，李嘉诚旗下在欧洲和澳洲拥有几十处港口。未来命运如何，我们拭目以待。

这不仅是单纯的合约纠纷，更是关键航道地缘博弈的显性体现。跨国投资的契约稳定性在区域利益与地缘角力面前不堪一击，也给所有出海资本上了沉重一课：海外布局，永远要把地缘风险放在首位。