None of China’s big business truly own their assets. The government no matter what has complete unilateral decision making on any private company owned in China. It’s do what as your told, or fuck off. You only have autonomy so long as you go with the desires of the party. You step on their toes, that’s it, they will force you out or force you to co-operate.
In fact the CCP has a large percentage of ownership in many “private” businesses, it’s just very well disguised. It’s why the communist Congress is full of rich fucks, they centralised the wealth and the power.
We essentially have a 2 party system. The government has the power, the big business has the money. As a result there essentially ends up being a lot of trading money for power and vice versa, because we never properly imposed and enforced rules and laws to prevent that.