Richard Li, the billionaire son of Li Ka-shing, one of Asia’s richest men, suffered a rare setback on Thursday when PCCW, the telecommunications group he chairs, failed in an attempt to delist its real estate arm, Pacific Century Premium Developments.

PCPD minority shareholders opposed the deal, saying the price offered was too low. They were led by Elliott Capital Advisors, the US hedge fund, which is PCPD’s second-biggest shareholder after PCCW.