"Using Hybe/BTS as an example. I do not believe that China was every really a target market for Hybe"

this is it really. it'll vary by company. we've seen before that sm and jyp are super keen on pursuing the chinese market (got7, exo, nct and twice's chinese members, the existence of boystory and wayv etc.) so it's likely they'll focus heavily on china. cube and pledis too.

but for hybe and yg, china was never really a focus. they always focused more on japan. 2ne1 were releasing japanese albums before the major government push against hallyu even really started in china, same goes for bts. i find it unlikely hybe and yg will suddenly pivot towards chinese releases when they have such a stake in japan. but companies that historically focused on it are more likely to try again.