Markets hate uncertainty. Share prices go into free fall when the market can't quantify the impact of major events such as government interventions. One lesson from the impact of a series of interventions in China - most recently around data privacy as reported in The Financial Times today - is that without a transparent regulatory framework, and a rules-based approach to intervention, the market can't cope with the risk of sudden shocks, under which business models may not be sustainable and capital markets cannot be sure IPOs will go ahead.