Yes, they already have it, and that is the concern. If someone in Chinese intelligence wanted high quality extortion material, Chinese ownership of Grindr means they could probably get it with relative ease.
And now you just know that they're going to make some "offline backups" before the company changes hands. It's not likely that Grindr has bank-level auditing of whether a single bribed/coerced employee plugs in a flash drive.