> Chinese corporations [are an] extension of the Chinese state

The Chinese state defines Chinese laws so this is basically restating the GP's point that "Tencent is doing this to comply to Chinese laws"

It's technically true for American corporations (which follow American laws created by the American government), but as you mention, it's not quite the same because the American system of government has significantly higher inertia and building consensus is significantly higher effort, so you generally only see the effect in certain industries that span decades-long bi-partisan projects (e.g. military industrial complex)