That’s probably a very stupid question, but is how this is a Chinese company when 60% are owned by American funds?
On a more pragmatic level, even in the US "own" means what society will defend for you. However, the US (and other western countries) are presumed to have courts that have a higher probability of defending claims of ownership assuming you have the right paperwork. Whereas in places like China, it is presumed that your paperwork is less likely to entitle you to a defense.
"Because of the authoritarian structures and laws of the PRC regime, Chinese companies lack meaningful independence from the PRC’s agenda and objectives. As a result, even putatively ‘private’ companies based in China do not operate with independence from the government. Indeed, “the PRC maintains a powerful Chinese Communist Party committee ‘embedded in ByteDance’ through which it can ‘exert its will on the company.’ ... the committee includes “at least 138 employees,” including ByteDance’s “chief editor”
...
"Even assuming that the law would recognize Zhang as a bona fide domiciliary of Singapore and not the PRC, ByteDance would nevertheless qualify as being “controlled by a foreign adversary” under one or more of the other statutory criteria. For instance, ByteDance is “headquartered in” China, which is sufficient on its own.... ByteDance also is “subject to the direction or control of ” Chinese persons domiciled in China (in particular, Chinese Communist Party officials), which likewise is sufficient on its own."
http://www.supremecourt.gov/DocketPDF/24/24-656/336144/20241...