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> Plenty of large tech companies still play in China

Depending on the segment you are in within the tech industry, the Chinese subsidiary of the foreign company might be a white-labelled Chinese offering (eg. AWS China, Azure China) or entirely unique IP developed in-house by the Chinese subsidiary.

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AWS and Azure in China are the literal opposite of white labeling. It's still the global product, branded under the global name, (mostly) operated by the global organizations.

The affiliation with Chinese companies is borderline fine print, white labeling would be if you had "tencent cloud" which happened to behave exactly like Azure.

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