One of my biggest concerns with China - as a a European - is that Brussel allows Chinese companies to buy huge amounts of European IP(eg robots, automotives, AI) but the Chinese government, on the other hand, forbids (or makes it very difficult) that foreign companies buy Chinese IP. So its a one way road !
Luckily some government officials now realized that and are actively trying to combat Chinese acquisitions (eg German foreign minister), but its still a real danger. China essentially takes huge advantage of our openness and our liberal markets but does not return the favour...
There's usually a lot of horse-trading that goes on before the formal application to figure out what's kosher to buy, and what's not.