Yes. Let's imagine they tried to make Bitmain, which is based in a China, a state-owned company. Now Bitmain has control of two of the largest mining pools Antpool and BTC.com. They're also the world's biggest supplier of miners. But they are incorporated in Singapore, unlike Alibaba and other conglomerates which are incorporated in China. That means Bitmain is subject to Singapore's business laws not China's. China can only govern business practices that Bitmain does inside China (i.e. sale of their miners to China residents), and fine Bitmain if they break any Chinese laws while doing business there. A list of things that China would not be able to do is:

- Block mergers or acquisitions
- Collecting taxes
- Taking majority ownership of Bitmain, as it is a privately owned company there are no stocks to buy

among other things.

The Chinese operations of all companies with a presence there have to follow their laws such as Starbucks, Nike and Apple, but the rest of the company outside of China isn't bound to them.

They cannot take over the mining pools because that is private property of the corporations.