Beijing has signaled its displeasure over CK Hutchison Holdings’ agreement to sell its majority controlling stake in Panama ports to a BlackRock-led consortium, sending shares in the Hong Kong-based company sharply lower.

The Hong Kong conglomerate CK Hutchison’s planned sale of ports in Panama to a group led by BlackRock, the American finance giant, is under fire from Beijing.

China has sharply criticized a proposal to sell ports in the Panama Canal to American asset management giant BlackRock, attacking the deal as “spineless groveling” and a “betrayal” of the Chinese people.