The subsidiaries of Haier, a white-goods maker, were also put out of reach of mainland bureaucrats early on.

ECONOMIST: Chinese capitalism

Now, worryingly, something similar may threaten Haier, China's leading white-goods maker, which recently failed with a bid for Maytag, an American rival.

ECONOMIST: The scare stories��and the chaotic reality

Guangdong Kelon, China's largest private white-goods maker, was the first private company to list in Hong Kong, with a share issue in 1996.

FORBES: Chinese Capitalism Gets a Face