Ninety-six-year-old Li Ka-shing earned the nickname “superman” for his uncanny sense of when to sell. Not for the first time, one of his deals has angered Beijing.

Beijing’s threat to stop a tycoon’s sale of his ports business has dealmakers wondering if they can still operate without political interference.

CK Hutchison Holdings chose to sell its port assets to a consortium that includes BlackRock Inc., apparently angering Beijing.