Basically if you are a big enough company in China, you aren't gonna get away from this, either by introducing red capital yourself, or the red capital is gonna force their way in when you want to go public(you need to apply for it in China and the quota is very limited).
One of the least shady example: https://dealbook.nytimes.com/2014/07/20/alibabas-i-p-o-could...
Since Alibaba is a publicly traded company, can't anyone hold stock in it?
There was endless speculation [4][5] that Jack Ma was forced out of power at Alibaba, by the government over concerns about the tech giants becoming too central to the Chinese economy and communications. Jack Ma was probably the most powerful person in China next to Xi.
[1] https://www.reuters.com/article/us-china-congress-companies/...
[2] https://www.wsj.com/articles/beijing-pushes-for-a-direct-han...
[3] https://www.nytimes.com/2017/10/13/business/china-online-sta...
[4] https://www.barrons.com/articles/jack-ma-alibaba-trade-war-1...
[5] https://www.wsj.com/articles/alibabas-jack-ma-denies-beijing...