Besides, China doesn’t let us own firms in China. At best a minority interest. China shouldn’t be allowed to buy any U.S. firm.
Actually, we can own companies in China.
They are called WFOEs - Wholly Foreign-Owned Enterprise.
There are certain hoops one has to jump through, but this is not necessarily worse that doing things in the US. For example, I think it could be easier to form a company in China than in California.