I have a decent holding in ASIA as well. Long term it is hard to see how this isn’t a winner but it is going to be a much more volatile holding over the period. I additionally hold VGE to hold emerging markets outside of technology. However, I have been considering moving that holding to the Freedom 100 Emerging Markets ETF - FRDM (US based) after hearing about it on the Acquirer’s Multiple podcast. Links: FRDM website  and Index info. I like the concept of the ETF to remove some of the political and instability risks of emerging markets. On the negative side this fund is small and untested over a long period.

I don't think China will go too hard on these companies for an extended period. I see this kind of action more as a warning to the large Chinese companies to remind them who is in control. Foreign investment is important. It would be counter-productive to what China has done over the past 30+ years to create long lasting impacts on the ability of Chinese companies to raise foreign capital.

Another option is to buy VGE. I'm a holder in super. 
https://www.vanguard.com.au/adviser/products/documents/32129/AU

it is an emerging market fund with a management expense fee of 0.48% which is very reasonable. 
fully 40% is invested in China, 17% Taiwan and 12% India. 
thats just the way the index is weighted these days - so accessing a very vanilla fund with a low fee gives you access to most of these high growth Asian stocks 

regards

Charlie