Which other British companies have been bought by Chinese?
British Steel's takeover by Jingye isn't the first time Chinese investment has saved a troubled UK business.
China is the world's second largest economy and many firms have invested in British businesses.
But which British companies are actually British?
Before Uber was on everyone's phones and if you needed a taxi, you simply hailed a black cab.
Manganese Bronze - who made the iconic mode of transport - hit trouble in 2012 and were taken over by Chinese company Geely Automobile.
They renamed it London EV Company Limited and currently operate out of Coventry.
But Geely Automobile also have stakes across the pond purchasing American company Terrafugia in 2017 who are developing flying cars.
Football has always been an interest for Chinese investors, with the country's portfolio including teams like Southampton, Reading and West Bromwich Albion.
One Chinese conglomerate Fosun International bought Wolves football club for an undisclosed amount in 2016.
The change led to a sweep of new appointments such as current head coach Nuno Espírito taking the reigns and helping the team return to the Premier League after six years.
The foreign investors have stuck with the club unlike Chinese billionaire Tony Xia who lost his stake in Aston Villa after a £4 million tax bill led to financial difficulty.
A warrant for Mr Xia's arrest was issued in October this year accusing the former stakeholder of breaching his contact and non-payment of debts.
One Chinese company has taken particular interest in the Britain's high street.
Hamleys was taken over by Chinese retailer C.banner in a reported £100 million deal in 2015.
But earlier this year they handed over the keys to the toy shop chain to India's richest man, billionaire Mukesh Ambani.
C.banner is still a business to look out for, as they were in talks to buy House of Fraser after it went into administration.
They withdrew from the takeover deal after lengthy discussions and Sports Direct's Mike Ashley stepped in to run the department store.
Chinese investment extends to the country's autonomous territory of Hong Kong, whose super-rich are also keen to invest on UK soil.
The former British colony has claims on luxury fashion retailer Harvey Nichols which has been owned by Hong Kong businessman Sir Dickson Poon since 1991.
Earlier this year it was announced earlier that UK pub company Greene King was sold to Hong Kong's richest person Li Ka-shing.