I don't think so, cycling is such a niche sport. It's not very good for advertising. If a company wants to promote its brand, there are much better ways than cycling. And for the 30-40 million euros a year a cycling team spends, there are other sports that offer better value for money.
EURO 2024 will start soon. Look how many Chinese sponsors are there: AliExpress, BYD, Hisense, Vivo
The only way Chinese money comes into cycling is if there is a Chinese star rider who brings sponsors. Which seems unlikely that China will ever produce such a rider. Looking at PCS, the Chinese have quite a few Conti teams but no Chinese rider has been able to move on to the next level. It's likely that talented Chinese or other Asian athletes will all choose other sports as cycling is quite European-centric and requires them to leave their country at a youngish age.