AsianFin -- Billionaire Richard Li’s push to expand his insurance empire into mainland China has been derailed following Beijing’s strong opposition to a planned sale of global port assets by his father, Li Ka-shing, to U.S. investment giant BlackRock, Bloomberg News reported Thursday.

Citing people familiar with the matter, the report said Richard Li had been in advanced talks to secure a coveted insurance license in China. The deal—potentially through an acquisition or partnership—would have marked a major breakthrough for his FWD Group in accessing the lucrative mainland market.

However, discussions were abruptly suspended in March, shortly after Li Ka-shing’s port sale plans were made public, amid growing political sensitivities and uncertainty over China’s regulatory response.