I've never heard of this "Tianyi" despite keeping an eye on them for years, and I don't think one "chipset" could solve their problem as each basestation inevitably contains multiple chips with ties to the US. The entire Chinese semiconductor industry is in an especially weak position to manufacture analog chips, many of which is needed in a basestation. Even if Huawei were to have obtained the capability to design these, they don't have access to a manufacturer with specialized processes, so I'm highly skeptical of this report.
I noticed what's funny now, Huawei has been shipping 5G basestations for months, a part of that was a Chinese contract unfairly and disproportionately granted to them despite Ericsson's ability to undercut their offer (yes, you read right, Ericsson can be cheaper), so whatever US ban there was, it currently isn't in place, at least in terms of supplying components needed for their basestations.