Li Ka-shing’s Ports Deal Trips Up Son’s China Insurance Ambition

Billionaire Richard Li’s talks to expand his insurance business into mainland China have stalled after Beijing reacted with fury to his father Li Ka-shing’s plan to sell a suite of global ports — including two in Panama — to a group backed by US firm BlackRock Inc., according to people familiar with the matter.

Richard, Li Ka-shing’s younger son, was in advanced discussions to ink a deal that would have given his firm an insurance license in China when the ports sale was announced in early March, the people said, asking not to be identified discussing private matters. Talks have since been suspended amid uncertainty over Beijing’s opposition to the Panama ports deal, the people said.