If you buy the theory that Bytedance is a covert operation by the Chinese government, then this fits the narrative. Use the TikTok brand to attract top global talent and perform research in areas of general interest for government agencies. They only need to build a backdoor for Chinese officials to access the research data. Sounds far fetched but I believe this is well within the realm of possibilities.
There is no need for the CCP to conspire to control businesses. They have ultimate control of business law.
The idea that companies and governments are independent things is a pretty capitalist perspective. There’s a wide range of other perspectives on this issue.