They need compete with www.sinovationventures.com.'Sinovation Ventures' has quite a few similarities to YC, for example:The founders like to support each other, etc
Kai Fu’s (famous for the ballmer chair) innovation works has been around forever, it’s not like China is lacking for YC-style tech incubators. However, they are all Chinese owned and managed without direct connections to SV.
There is HAX in Shenzhen, but it's focused on pre-crowdfunded consumer hardware projects. However, at their last building (they moved around 2016/2017) the space apparently interleaved the foreign cohort with a domestic intake they never talk about (to my knowledge) in foreign media. https://hax.co/