Well, yes, money always feeds oligarchs along with the regular business owners.

The key thing to notice is that, in realpolitik terms, an "oligarch" is only aristocracy — rather than haute bourgeoisie — if they have a collegial relationship with the state. I.e. if their interests inherently align with the state's interests (or they can personally negotiate such alignment) such that that they have no reason to act against the state.

But if you have enough oligarchs who don't have such relationships with the state — disenfranchised oligarchs — then they will inevitably plot to manipulate the petite bourgeoisie and proletariat together into organizing a revolt; and will then — critically — sit back and collectively withhold their support from the state for implementing any suppression of said revolt.

(Look at what's happening in Russia right now. You think they'd have such shitty military equipment if the oligarch owners of their defense contractors believed in Putin and wanted him to stay in power?)

Every successful "populist" revolt/revolution in political history, has had an underlying set of disenfranchised oligarchs, who could have aided in the suppression of the revolt, but instead chose to stand by (or "work to rule") and let it happen, because the revolution would inevitably put them in a better, more powerful position.

Why does every politically-stable country — whether democracy, constitutional monarchy, etc. — have a senate? Because a senate is a body made up of (representatives of) oligarchs whose interests don't inherently align with the state, where the job of everyone in the room is to negotiate a group equilibrium between state interests and industrial interests that both the state and the oligarchs can be happy-enough with that the oligarchs will stop undermining state power.

China has a legislature (the NPC), but insofar as it is only a rubber-stamp — it cannot control the Party – seats there are worthless as an "enfranchisement" for oligarchs. They want a real hand in power.

China, obviously, makes friends with oligarchs whenever it can. But certain oligarchs' power bases are just inherently misaligned with Chinese state interests — in a way that a real senate body would solve, but which cannot otherwise be resolved peacefully.

For example: why did China push both Jack Ma out of ownership of Alibaba Group, and Colin Huang out of his chairman position of Pinduoduo, at around the same time? Well, both of these companies now own petit borgeoisie wealth-creation engines — AliExpress and Temu. But Temu didn't exist yet when Huang was ousted. And AliExpress (via Alibaba Group) is majority foreign-owned, while PDD is a domestic private company (and thereby likely implicitly highly state-invested.)

My interpretation of those facts: the state wanted to replace AliExpress — a company proven to both support foreign interference and the empowerment of local petit-bourgeoisie interests (that could eventually lead to destabilization of power) — with another company the state could control indefinitely: one that seemingly serves the same market function, but with tricks (profit-margin caps, distributor-set sale prices) that mean that Temu is not an engine of wealth-creation for the middle class in practice. (It tricks you into thinking that it is, and continues that illusion for the first few months, "going easy" on new sellers to get them to quit other channels, before coming down on you.)

Ma wouldn't stand for just giving up on the forward momentum of an entire business venture, so he was ousted. Huang wasn't interested in his B2B agrobusiness company being pivoted to focus on replacing AliExpress — so he was ousted too. China's replacement board seats of Alibaba acted to cut off new investment into AliExpress; while China's replacement board seats of PDD Holdings acted to get the company going toward building Temu.

Yes, you could describe this as 'making sure systemically there will never be a "bourgeoisie" united strong enough in china'. But you can also describe it as disenfranchising some very rich people. Dumb move, tbh.

Or consider: every blockchain/cryptocurrency company in China. Again often foreign-funded, again usually highly successful — but at something that China just can't square with (enabling capital flight out of China, minimizing the state's economic hold over other oligarchs.) In a functioning/long-term-stable China, the Chinese cryptocurrency industry would form an industry body with a lobby, get that lobby represented in the senate, and then that lobby's interests would get carefully negotiated against state interests. In the China we have, these companies are just quashed... despite each shutdown generating new disenfranchised oligarchs by the dozens.