Look, the mining companies are already transferring their assets to other (more friendly) countries to the crypto currency.
They are reasonable. But to themselves and to the state as a whole. They don't care about what their people are going to say. Remember their was somewhat an uprising or protest back in the last 80's. That's how oppressive the Chinese government are.
Indeed the Chinese market have already a contingency plans to move out of Mainland China because of such threat. And even Jihan can't lobbied the government so that he can protect his assets.
Right now they are really in the front of the war against bitcoin and they have justify their sudden move of turning its back to the crypto that all their people loved.