I don't think this concedes how much a factor Chinese regionalism plays into the dominance of Chinese companies in China. The government has had a much stronger hand in shaping what technologies and companies flourish than in the rest of the developed world. How the market would have looked if the government was less heavy-handed is an open question, but I think it is misleading to omit this factor.

Also, there are things that foreign companies simply will not concede to Beijing. Tencent allows full access to their networks to the government. Ephemeral criticisms of the government can get you a warning from the state. This is unconscionable behavior in a lot of other countries, but it's a concession Chinese companies have made time and again.