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The "electricity grid" is composed of many parts both in South Australia and elsewhere. The components are generation, transmission, distribution and retail suppliers. Cheung Kong Infrastructure aka CKI's current position is only 23% of the distribution network.[1]

So no, they did not "sell the grid" to China.

[1] https://www.cki.com.hk/english/ourBusiness/home/inv_au.htm

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The distribution side, the poles and wires that supply power to homes and businesses is entirely supplied by SA Power Networks in this state. They are the sole distributor and 51% is owned by CKI and just as disturbingly in my opinion the other 49% is owned by Spark who got bought out and are now also foreign owned by a group led by private equity firm KKR. This segment of the power business is a natural monopoly unlike retail and generation which are both competitive markets and while it is regulated, the regulations can and reportedly are gamed. SA pays outrageous power prices which are well documented.

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