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I am sure China would gladly welcome YC and all the IP it has access to.

There is no question China presents an opportunity to generate capital returns on a scale that YC can no longer achieve in the more mature US venture capital market. They also present many risks that are hard to put in an equation.

Until they make it be partnered with a local company, which eventually forces a majority ownership, spins out, and YC is left with nothing.

Again: they are withdrawing from China. There's nothing to spin out.

China is the ultimate long game and they tend to have long memories as well.

Everyone says China is stable but they’ve had two bloody revolutions in the last century-and-a-bit.

Whoever the next Chinese government is, they probably won’t look kindly upon those who collaborated with the CCP.

China could still do a lot of harm to both YC companies and what and who remains of YC china/MiraclePlus. Its pretty obvious that the boss woke up one day and gee we decided to completely withdraw from a country isn't the whole story.