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

Hong Kong tycoon Li Ka-shing's business empire is in the crosshairs after CK Hutchison Holdings chose to sell its Panama Canal port assets to a consortium that includes U.S. investment firm BlackRock Inc.

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.