Political pressure is mounting over a plan by a Hong Kong conglomerate to sell its Panama ports to BlackRock, the American investor, raising questions about the future of the $19 billion deal.

一家香港企业集团打算将其在巴拿马的港口出售给美国投资公司贝莱德，围绕这一计划的政治压力正在不断增加，让人对这笔190亿美元交易的未来产生怀疑。

John Lee, the leader of Hong Kong, added his voice on Tuesday to escalating warnings from China, saying the transaction deserved “serious attention.”

香港特区行政长官李家超周二发声，对中国不断升级的警告表示附和，称这笔交易引发的关注“值得重视”。

The deal between CK Hutchison, one of Hong Kong’s most successful conglomerates, and BlackRock, the world’s biggest asset manager, was seen by investors as a solution to a geopolitical hot potato that began with a claim by President Trump that CK Hutchison’s ownership of two major ports on either end of the Panama Canal was an issue of national security because it was “operated by China.” Mr. Trump praised the BlackRock deal after it was announced.

香港最成功的企业集团之一长江和记与全球最大的资产管理公司贝莱德达成的这笔交易被投资者们视为解决一个地缘政治烫手山芋的办法。这个问题源于特朗普总统声称长江和记在巴拿马运河两端拥有两个主要港口，对美国来说构成国家安全问题，因为这些港口“由中国运营”。贝莱德的这笔交易宣布后，特朗普对其大加赞赏。

Now, that solution is starting to look more like a problem. Shares in CK Hutchison, which is controlled by one of Hong Kong’s richest people, Li Ka-shing, fell nearly 3 percent on Tuesday after Mr. Lee’s comments. The company has canceled press and investor briefings that were scheduled for this week when it releases its latest financial report. Hutchison did not respond to requests for comment.

现在，这个解决方案开始显得越来越像是个问题了。长江和记由香港的富豪之一李嘉诚控股，李家超发表上述言论后，该公司的股价周二下跌了近3%。公司取消了原定于本周举行的业绩相关记者会和分析师简报会，公司本来要在会上发布最新财务报告。长江和记没有回复记者的置评请求。

China has criticized the planned port deal, which would result in CK Hutchison selling most of its Hutchison Port Holdings, including its Panama ports and over 40 other global ports. A series of commentaries published in Ta Kung Pao, a Hong Kong newspaper owned by the Chinese government and Communist Party, argued that the Hutchison-BlackRock arrangement would allow the United States to “use it for political purposes and promote its own political agenda,” in turn making Chinese shipping and trade “subject to the United States.”

中国政府对这项拟议中的港口交易计划提出了批评，若交易达成，长江和记将出售其所持的大部分港口股份，包括所持的巴拿马港口及全球其他地方40多个港口的股份。由中国政府和中共拥有的香港《大公报》发表了一系列评论文章批评这笔交易，指出长江和记与贝莱德的协议若是成交，“美国一定会将之用于政治目的，推行自己的政治议程，中国在此的航运贸易势必受制于美。”

On Tuesday, Hong Kong’s Mr. Lee said that “any transaction must comply with the legal and regulatory requirements.” Speaking at a weekly press briefing, he said that the government would “handle it in accordance with the law and regulations.”

香港特首李家超周二表示，“任何交易要符合法律法规。”他在每周的例行记者会上表示，政府将“依法依规处理”。

He did not elaborate, but legal experts said that, historically, mergers or acquisitions undertaken by Hong Kong companies and foreign ones have not had to seek the kind of regulatory approval Mr. Lee was potentially referring to.

虽然他没有详细说明，但法律专家们表示，从历史情况来看，香港公司与外国公司进行兼并或收购交易，没有必要寻求李家超所暗示的那种监管批准。

It is not clear what, if anything, the Hong Kong authorities could do to stop the deal. By contrast, Chinese companies often must secure permission from the Ministry of Commerce, the State Administration of Foreign Exchange and other regulators to sell assets or move money out of mainland China.

目前尚不清楚香港当局能采取什么措施来阻止这笔交易。与香港的公司不同，内地的公司通常需要获得中国商务部、国家外汇管理局，以及其他监管机构的许可，才能出售资产或将资金转出中国大陆。

But the warnings have raised concerns among some in the financial community about the politicization of business in Hong Kong, a former British colony that was returned to Beijing in 1997 under the promise that it would operate with “a high degree of autonomy.” This pledge changed in 2020 when Beijing imposed a national security law on the city to quash pro-democracy protests.

但这些警告已引发了一些金融界人士对香港商业政治化的担忧。香港曾是英国殖民地，1997年回归中国后，中央政府曾承诺让香港实行“高度自治”。但这一承诺在2020年发生了变化，中央政府为了镇压民主抗议运动，对香港实施了国家安全法。

While Mr. Lee’s government has repeatedly emphasized that Hong Kong remains an open place to do business and a global financial hub with laws separate from the rest of China, some critics have pointed out that its government is under pressure from Beijing.

虽然李家超的政府一再强调，香港仍是一个开放的营商之地，仍是一个拥有与中国其他地方不同法律体系的全球金融中心，但一些批评人士指出，香港政府受到了来自中央的压力。

But amid rising animosity between the United States and China, and the global uncertainty caused by President Trump’s trade policies, deal making involving Hong Kong companies has become more politicized.

在美国与中国的敌意不断加深，特朗普总统的贸易政策给全球带来不确定性的背景下，涉及香港企业的交易已变得更加政治化。

The deal between CK Hutchison and BlackRock can “no longer be seen as purely commercial in nature,” said Wang Xiangwei, an associate professor of journalism at Hong Kong Baptist University.

长江和记与贝莱德的交易“已不能被视为纯粹商业性质”，香港浸会大学的新闻学副教授王向伟说。

“Let’s do a reverse and say BlackRock announced it was going to sell its ports to Cheung Kong in Hong Kong,” Mr. Wang said, referring to CK Hutchison’s former name. “I would imagine that Trump would write angry tweets on Truth Social condemning the deal,” he added. “In Congress, I’m certain lawmakers would make noises and launch a congressional investigation into this deal, too.”

“让我们反过来想，如果贝莱德宣布将把它在香港的港口出售给长江实业”，王向伟说，他用的是长江和记以前的名称。“我能想象，特朗普会在Truth Social上发文，愤怒地谴责这笔交易，”他补充道。“我确信国会议员们也会发声，对这笔交易展开国会调查。”

On Tuesday, Mr. Lee also added to the criticism from Beijing over the Trump administration’s threats of tariffs, saying that the Hong Kong government urged other countries to provide a level playing field for companies. Using similar language to the Chinese government in its own statements on the subject, he added, “we oppose the abusive use of coercion or bullying tactics in international economic and trade relations.”

李家超也在周二加入到中国政府的行列，批评了特朗普政府加征关税的威胁。他说，香港政府要求其他国家为企业提供公平的竞争环境。使用与中国政府在有关声明中类似的语言，他还说：“我们反对在国际经贸关系中使用胁迫或施压的手段。”