5 years ago I wouldn't have considered it but after Huawei build a total swap over OS via Harmony OS and the likes of Loongson pushing their Loongarch ISA, it doesn't seem so unlikely anymore.
China's domestic CPU tech is getting pretty interesting, their GPU's are still a long way behind however. The Lisuan 7G100 looks to be the best so far and it is fine but it is still years behind Nvidia/AMD/Intel.
Half of the GPU game is software. I'm not saying that it doesn't or can't exist but I have yet to see what good Chinese software looks like.
As for the software, this is why I mentioned Lisuan and not Moore Threads. Lisuan's drivers are mediocre but they work. Moore Threads software is a total disaster to the point were the cards tend to perform WAY below what, on paper, their cards should be able to do.
It is an uphill battle when it comes to software because without that, your hardware is useless. Just ask Intel with their iAPX and Itanium processors. Intel couldn't overcome the software mote despite being THE processor manufacturers at those times.
Market is simply too mature and saturated and moving phones into foldable phablets/tablets is an evolution at best. Also it started and was perfected elsewhere so nothing novel or shocking and 0 WOW factor.