One intriguing question about China is whether it can combine thuggish, autocratic politics with the predictable rules and property rights that entrepreneurs and capital markets need to thrive. The government’s recent attack on Didi Global, a Chinese ride-hailing firm that has just listed its shares in New York, suggests not. It is a warning to investors around the world—and to anyone hoping to make their fortune by setting up in China. Didi is one of China’s superstar firms, with 493m users (more than Uber), 15m drivers and a presence in Brazil and Mexico. It listed its shares on June 30th, raising cash from global investors and valuing the firm at $68bn. Its prospectus contained 60 pages of “risk factors”, including a regulatory crackdown, that most investors snoozed over. But almost immediately one of them turned up.