Hong Kong tycoon Li Ka-shing’s company CK Hutchison Holdings, which recently sold its Panama Canal ports, should think twice about which side it wants to stand with, according to a scathing newspaper commentary posted by Beijing’s top office for the city’s affairs on its website.

Beijing signaled its displeasure over CK Hutchison Holdings’ agreement to sell its majority controlling stake in Panama ports to a BlackRock-led consortium.

Shares in Hong Kong-based conglomerate CK Hutchison fell 5 per cent on Friday after China criticised the sale of its Panama Canal ports and said it should “think twice” about the $22.8bn deal with US asset manager BlackRock.