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

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.

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