CK Hutchison, the Hong Kong-based conglomerate, confirmed on Monday that it is in discussions to bring a “major strategic investor” from China into the bidding consortium for its $22.8bn global ports business. The move follows the expiration of a 145-day exclusivity agreement with the original buyers’ group and comes amid intensifying regulatory scrutiny from Beijing.

The original consortium—led by US investment firm BlackRock and the Aponte family’s Mediterranean Shipping Co (MSC)—had been in exclusive talks with CK Hutchison to acquire its international port holdings. However, as those talks lapsed over the weekend, state-owned COSCO has emerged as a potential new entrant to the buyer group, signalling a significant geopolitical recalibration of the proposed deal. COSCO already controls one of the world’s largest portfolio of terminals across the globe.

The development comes shortly after Chinese authorities flagged a national security review into the proposed sale, raising concerns about a leading domestic port operator falling under partial foreign control, particularly by American interests, amid rising Sino-US tensions.

CK Hutchison’s ports division spans 52 terminals in 25 countries, including major facilities in Europe, Asia, and the Americas, making it one of the largest global port operators.

If successful, the addition of COSCO could smooth the regulatory path in China while raising new questions in the US and EU, where national security considerations increasingly dominate foreign investment discussions.