Possibly, but the same argument can be made for GDPR, and it works pretty well there. In the end, the Chinese will either want to monetize it, at which point they need a presence in the UK, or they're monetizing via psy-ops paid for by the CCP and they will be considered a security issue by the UK and probably shut down (at least for access from the UK).

Sure, that might lead to teenagers using VPNs to access it, but I wouldn't count on that. Most of them aren't even using adblockers.