Based on their track record? Pretty fucking reasonable.
I would say that most probably isn't malicious collaboration with the CCP, rather sheer incompetence. Shipping secure anything just isn't part of their culture. Read a comment on HN the other day from someone that evaluated Huawei hardware for a telco and swore it was so full of holes to be unusable.
The ingrained extreme cheapness of Chinese culture doesn't help. Security is viewed as a luxury - why waste time and money on it when that could be better spent elsewhere?
That said, the incompetence gives them plausible deniability when the intelligence agencies take advantage to exploit the holes for their own use.