To be honest...
Wonderful.
The last thing the US needed was for 1 million people to be in a position where their paychecks were signed by the Chinese government (and yes, Alibaba is 100% the creature of the Chinese government).
For those of us who have seen the strings that are invariably attached to any and all "investment" by the self-proclaimed "rulers of Tianxia (just ask Sri Lanka, or my wife in the Philippines, or my dear friend's wife in Vietnam, or anyone lives in Cambodia or Vanuatu)," anything that makes them realize that their attempts to buy influence are not only unnecessary but highly unwelcome, is a bonus.
Nothing would make me happier than to see a law passed that prevented Chinese firms from owning US assets or operating in the US, with a rider clause that would shut down the Confucius Institute (which does not even hide its status as an arm of Chinese intelligence: its entire senior leadership is former and in some cases current members of the Chinese Ministry of Intelligence). The economic fallout would not only be well worth the benefits, but it would be small compared to the damage such a move would inflict upon China.