Hong Kong billionaire Li Ka-shing has raised Beijing’s ire by agreeing to sell its control over ports in Panama to appease President Donald Trump. But there may be little the Chinese authorities can do to punish him for it.

CK Hutchison -- the company that agreed to sell the assets, valued at $22.8 billion, to a consortium led by U.S. investment fund BlackRock -- opened 2.4% lower at 45.15 Hong Kong dollars on Monday, after losing 6.4% on Friday. The stock rebounded later in the morning session for a modest gain on the day.

The US$23 billion sale is not final, but needs no Chinese or Hong Kong approval, leaving CK Hutchison to decide whether to proceed, analysts say.