Unlike Arm there are western companies that do little business with China. Particularly along the lines of IP.
Intel has done little to develop things in China. Selling yes.
The western online companies including SM do little development in China but the big thing is databases of IP are not stored in China for manufacturing purposes. The Chinese would steal from those databases. Worse if that is perceived the public in the west wont deal with the American or western company. I think many corporations have been avoiding business in China for a while now.