I think it's a stretch to say "PRC-controlled". I think the government has influence in working with ByteDance's board, not unlike in the US. This is the propaganda that has infected the American psyche. To think every single organization in China is an arm of the big bad communists. It's quite uninformed and ahistorical and political propaganda.
China's rule of law is generally very weak. "Ultimately, no matter what the laws say, it would be difficult for any Chinese citizen or company to meaningfully resist a direct request from security forces or law enforcement, and the courts cannot be relied on to provide a remedy."
https://www.chinalawtranslate.com/en/what-the-national-intel...
This is particularly obvious with the number of senior executives of key Chinese companies who have simply disappeared, at least temporarily, when they displeased the government. Again, nothing comparable in the USA (yet).