afaik there are two different ways of operating: DSDS (Dual Sim Dual Standby) e DSFA (Dual Sim Full Active).
The most common is the first one, where the phones are both registered but when you're communicating with one sim the second one is unreachable (as there's only one radio circuit, one antenna, one processor etc..).
The second one, as the name says, allow you to use them both but it's more expensive of course because of the presence of two circuits of everything (at least radio-wise, it's like having two different phones in one) so it's far less common.
As far as I know almost all the "chinese" dualsim phones fall in the first category.