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.

Hong Kong-based conglomerate CK Hutchison is facing intense criticism from Beijing over its ports sale to a BlackRock-led consortium, fuelling speculation as to whether China could take steps to scupper the deal.