Any and all news from China really should be assumed false from the start until it can be verified.
They have hundreds of chip companies being created to go after the easy money before declaring bankruptcy after the money stops.
I can't blame the companies as they're going after easily swindled money.
This story is a prime example. 5nm production? No. I'd even heavily question anything under 10nm.
Even trying to reverse engineer the manufacturing equipment is very difficult. It'll take another decade for China, and even the US, to be able to have everything that's required to make sub 10nm chips at scale from home-sourced manufacturers.
Chip fabrication is global, requiring hundreds of specialized entities to create the tools, materials, and final product.