Hygon is making the 128C/512T CPU which is based on AMD Zen tech
"Based on" as in from their initial tech share of the Zen1 µArch, which is what Hygon Dhyana is based on.
Their joint venture has been dead for many years now, probably before this even went into heavy development.
Trade tensions in the last decade between US and China killed it, at least on AMD's part.
The sheer multitude of various ISA based endeavors in China shows that they don't need AMD to make changes and extensions to Dhyana, though I certainly wouldn't expect the new SoC to come anywhere near the raw IPC, clocks or perf/watt of Zen5.
It will be interesting to see what priority future Hygon x86 designs are given compared to RISC-V, ARM and LoogArch efforts at SMIC, given the CCP almost certainly have a hand in what gets priority above and beyond SMIC profit margins.