Not most (if not all) Chinese owned companies on the US stock exchange. Chinese laws prevents the ownership of foreign entities on companies. To circumvent this

Not most (if not all) Chinese owned companies on the US stock exchange. Chinese laws prevents the ownership of foreign entities on companies. To circumvent this, most of the "stocks" on the exchange is for a subsidiary and the stock holders has zero ownership over the company, similar to a C stock for Alphabet. Alibaba for example, you are owning a subsidiary that shares the profit in the Cayman Islands. You are not owning any part of the company.