So the question is - does it make sense for not-actually-public-companies from other countries to be listed on the U.S. stock exchange? It could be potentially misleading otherwise.
When the US president uses the bully pulpit to insult and threaten American-based multinational companies to suit his political / personal needs at the threat of a DoJ / SEC investigation or FAA license threat, how is that much different than a CCP official doing the same? I would argue it's not nearly as far as my fellow Americans would like to think it is.
[1] https://www.marketwatch.com/story/beware-alibaba-ipo-isnt-re...
edit: the more direct answer is that the shares that are listed are free and publicly tradable, there exist other shares that are not available on the marketplace, like Facebook. But those shares are owned by state entities.