Will the KJ-500 have this capability?
Bro the KJ-500 is one of the newest PLAAF AWACS aircraft.
CEC in PLAAF units were already done with J-16 and J-10C level with KJ-200 back in 2010s.
Since J-20 was introduced into PLAAF service in 2017, the first tactic for J-20 integration into PLAAF involved J-20 feeding target data to J-16 carrying long range missiles. J-20 flew forward and fed targets with their radars off (enemy's radars off and only their RCS expose them) and maybe around 1m^2 RCS hundreds of km away from J-20 and J-16 flying well behind J-20 can target those with missiles like PL-17.
Then they played with the reverse where J-20 radar is kept off even though it is LPI modes but we are talking against USAF so all tasks need to be explored thoroughly. This was a better tactic ironically because J-16 believe it or not, was flying with better eyes than J-20 in some ways.
Where J-20's radar was engineered for LPI and performance, J-16's radar was engineered knowing it will be spotted. The J-16 is not stealth and not only that, has quite a large RCS. It's radar doesn't need signal emission management cleverness, it was designed just to project pure power to burn through jamming as far away as possible and see everything from as far away as possible. No compromises for ninja modes like J-20's radar.
J-16 flying as eyes was better because J-20 became a more deadly killer, J-16 feeding data on targets 300km+ away and J-20 flying ahead much closer to targets and firing PL-15 or PL-16 now from less than 100km away from target. Well within NEZ of PL-15 and still far away enough for J-20 to remain undetected particularly when it's only passively getting target's data from J-16.
With KJ-200 this was already the primary purpose of aircraft like KJ-200 to be a part of CEC network, not directly missile guidance since modern Chinese missiles are basically fire and forget. Even if launching aircraft is gone, missile's AESA seeker activates.
KJ-3000 will be the new main beast with plenty of power to burn but the question of CEC in the air was around since KJ-200 and even J-16 + J-20 fighter to fighter pairings had CEC. No need for AWACS.