I do a lot of woodturning and have used it for bowls, hollow forms, etc. I like it for the grain and the stability. The grain is usually somewhere between nice and fantastic. The thing is though, while the bowls might do service as a fruit bowl on the dining room table, they are not something you would normally put liquid in. The primary function is decoration. The hollow forms are strictly decoration.
What I would wonder about is the porosity of Chinese elm. If you are going to seal it with bee’s wax anyway I guess it wouldn’t make any difference, but by appearance anyway, it seems like an open grain wood. Red oak would be the same if not worse.
From a historical aspect, Chinese elm is an introduced species and was not introduced to America until the mid-19th century.