CK Hutchison dropped by over 6% in Hong Kong trading on Friday, even as the city's benchmark Hang Seng Index rose by over 2%.

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.

China’s top office on Hong Kong affairs has reposted an attack on CK Hutchison’s decision to sell its Panama Canal ports, amplifying a Beijing-backed newspaper’s warnings for the Li Ka-shing-owned conglomerate to “think twice” about which side it stands on.