Will having parents with foreign citizenship and who live overseas, and my having lived overseas for 9 years, disqualify me for top secret?

That's a tough call, Cherie. It takes three months or so for the TS clearance to come down, but with your background, it might take longer--if you're considered. Expect some long interviews with agents and be up-front with them. Your DD Form 398 will have to be packed with information to assist you, so be detailed as possible when filling in the information. Your birth certificate will be key for starters.

I wish you success. I held a TS clearance for almost 20 years and my ethnicity as a Southern boy never got in the way.

You will probably have to answer a lot of questions. If the Army doesn't want you - the CIA probably will.

Good luck, it will slow you down but if/when you get it you'll be in a good position.I'm a little afraid my advise might be badly outdated. Once upon a time I was in an Army Intel Unit. It was supposed to have Czech and Slovak interrogators. I would send them to DLI and they would like California better. On drills three Puerto Ricans and a Chinese Girl was what showed up. Please don't take offense but I used to joke that if we wound up in Czechoslovakia and least we could send out for dinner.

It shouldn't, however do expect the background check to take an extended amount of time. Believe it or not they will send someone to speak to your parents and also some of their friends. My son ran into a similar thing because he was born in Spain.

The intricacies of the Special Background Investigation (SBI) are wide and varied and way to deep to go into here in detail. But to put it at its simplest, there are three main considerations your situation will raise with the agents doing your SBI: 1 - are you loyal to the US; 2 - are you likely to be a security risk, either through vulnerability to blackmail & coercion or through close ties to subversives; and 3 - are you of good moral character.
Items 1 and 3 are up to you and are entirely dependent upon your behavior in the past as an indicator of trustworthiness. Item 2 is your problem area -- especially as you have close personal ties to people who (if they are in China at present) are vulnerable to victimization by a state that has traditionally been less than friendly to the US.
I cannot say for sure this will prevent you getting your clearance but I can definitively say that each SBI is taken on its own merits and that if you pass muster you will be cleared.
Keep working to get your parents over and be absolutely up-front with security personnel. There are elements of your training that you will not be able to engage with until you get at least an interim clearance so this might delay your training -- you may find yourself on casual duty for a while before it comes in. (I hope you like floor buffers!)
Conversely you might be denied your clearance outright - at which point they may offer you another MOS.
In any case, thank you for your willingness to serve. I hope you make it.

How did this turn out? Please do not be specific, good or not good suffices considering your line of work.

No not at face value but you will have a much longer and more complicated vetting process. Certainly the infiltration and persistent attempts to spy by China will also raise concern. The fact that your parents still live there is a concern because China has demonstrated they are not above threatening family members in order to "turn you" or make you a spy. It presents a significant danger of blackmail and cohesion.

Top Secret, means to keep a Secret, now that your Secret is out after telling all of us. Hummm!

Not necessarily, I had several folks that were 1st generation American, from 0O-6 , down. It will be a tedious experience and take time, but it is doable.