As people are pointing out, no. This isn't a blanket law, it requires per-case executive action to enforce.

What the law absolutely does do is make "Chinese Ownership" an existential risk to companies with software products with large numbers of US users. Riot, Epic et. al. will be strongly incentivised to get their PRC shareholders to divest, and in the future other companies will be disincentivized from accepting that kind of investment.

And surely that's intentional.