If you are a EU company worried about your data then mistral is your only option. Think about EU military companies. They can't use US and Chinese models.
I think you misunderstand how data processing works in a LLM. You absolutely can download the weights of a chinese model and run it on hardware you control.
why couldn’t people just use chinese models rehosted in the EU? They’re open weights so anyone can serve them for any data residency requirement