Family businesses boom

Chinese family-run businesses account for half of the listed private companies in China's A-share market, according to latest findings by Forbes China released on Wednesday.

As of July 31, 1,485 private firms take 58.7 percent share of all listed companies in the A-share market, and about 50.3 percent of the listed private firms are family businesses, up 0.6 percentage points compared with a year earlier.

The largest family business in terms of sales revenues is Guangdong-based home-appliance maker Midea Group, followed by New Hope Group founded by Liu Yonghao family, and electric-car maker BYD owned by Wang Chuanfu and his family.