RE:China backlashThis is absolutely one of the risks when evaluating this companies' operations in China. It is not a freemarket.
The government could again decide to unilaterally impose rules, regulations and penalties on foreign owned firms, as it has done before.
While not in the fintech area, take a look at how Canada Goose is bending to the will and demand of the Chinese authorities. From seeming innocuous operations related issues ("return policy"), it is taking a hit in the press and undoubtedly, from the Chinese customer as well.