If the Norwegian Government to take a stake in the airline, considering BOC is Chinese state owned they would be in bed with a whole myriad of partners. They would have to shell out too much to take a controlling interest in the company as the existing shareholders would need their equity bought out. Norwegian Air Uk is the Uk AOC holder and as such would not be considered a "State owned" airline.
It may be that the new Norwegian would get preferential treatment in the home country but outside of Norway it is just another carrier.
One issue is who will now pay the staff in the UK given the Furlough scheme changes and if the Norwegian government will want to pay foreign wages with state funds. In Spain it's the Spanish Government meeting the costs apart from social taxes, not the same here in the UK.
A condition of any AOC is "financial stability".
From 9th October onwards will be an indication of how the markets react.