More like "someone small said something mean about China, now China wants to fuck shit up". This doesn't hurt China much, and isn't even legally binding by the sound of it. They just take 0 shit from anyone they regard as a 2-bit player.
Another example: They've pretty much fed their friends in Myanmar to pro-democracy rebels over some local organised crime thing on the border.
Being on the list only really affects the companies reputation and future business with/in Ukraine. Ukraine isn't going to stop all trade with china because a few dozen companies suck. There's American companies on their list too, should they stop trading with all the US? Hell no...
Knowing China, a phone call involving someone from the US as well as Zelensky would probably go a long way. I doubt Xi is particularly invested in Chinese companies helping Russia, but he would take issue with Ukraine not going through him about it.