The problem is all the F1 engineers are located in Europe. Unless this hypothetical Chinese team plans to try build an F1 car from first principles, they're going to need a European base, likely in the UK, where most F1 teams are based. Then you also need an engine, current and future F1 engines are hybrid, both using ICE (internal combustion engine) and battery technology. The ICE part of the powertrain is one of the most advanced and thermally efficient petrol engines ever made. Over 50% thermal efficiency. So unless this hypothetical team plans to build one of the most advanced engines ever made from first principles, building an engine would require collaboration with a manufacturer with tonnes of experience with internal combustion engines and turbocharging. And that's just the two most important pieces of the puzzle.

As you can see, getting an F1 team up and running is a very complicated business. And that's before clearing the bureaucracy of the FIA and FOM. That's where Andretti is struggling at the moment, as they are unconvinced by Andretti's plans. No one wants another backmarker team.