I think that's a reasonable way of looking at things if you're thinking about how the Chinese government might use its leverage, but it's a an overly simplified way to describe selling some stock to Tencent.
He works for Tencent.
He works for China.
His company was purchased by Tencent.
His company was purchased by China.
Tencent operate the messaging app QQ.
China operates the messaging app QQ.