Embattled Hong Kong conglomerate CK Hutchison Holdings, caught in a US-China spat over control of the Panama Canal, said on Thursday that profits fell 27 percent in 2024.CK Hutchison offloaded its global ports business outside China -- including operations in the vital Central American canal -- this month to a group led by giant asset manager BlackRock for $19 billion in cash.

Hong Kong-based conglomerate CK Hutchison is facing intense criticism from Beijing over its ports sale to a BlackRock-led consortium, fuelling speculation as to whether China could take steps to scupper the deal.