You have a misunderstanding of how China's government operates. It does not matter how much stake the government holds, companies just cannot say no to the government's request. Otherwise you will be disappeared. See Alibaba for example.

Remember, China does not have a democracy.

Then it should be easy to buy out that 1% stake.

I'm not saying it's a good bill, but reducing interference by foreign governments in US sold products is not against any party's philosophies.