Nope. There’re tons of Chinese startups already with or without YC. Would US startups be required to register as Chinese companies if they receive Chinese VC money?
The US is open to arbitrary FDI so it doesn't matter. China's laws are more...complicated. For example, you can't give stock options to non-Chinese employees if your company is Chinese and not already listed, see https://www.chinalawblog.com/2018/03/china-scam-week-part-4-....
I'm not aware of any foreign funded startups in China currently. I mean, there must be some small players with private foreign funding, but it is so easy to get Chinese funding I'm not sure why anyone would even bother.
