In June, Marco Rubio, the hawkish Republican senator from Florida, called for the Securities and Exchange Commission to block an upcoming U.S. IPO of Chinese ride-hailing company Didi: “Every time the SEC allows companies like Didi to list on American exchanges, it funnels desperately needed U.S. dollars into Beijing and puts the investments of American retirees at risk.”

As it turned out, the senator wasn’t so far off about risks. In late July, the SEC suspended processing IPO applications from Chinese companies until issuers better disclose regulatory risks. The SEC’s actions followed a series of abrupt Chinese regulatory changes that caused several companies’ stock prices to drop. It started with Didi.