Specifically within the Hokkien, Cantonese, and Hakka diaspora.

Guangdong+Fujian became a major manufacturing hub because most of the business elite in Taiwan, Singapore, Malaysia, Thailand, Hong Kong, and Phillipines were from the same clans and families in Guangdong and Fujian

Before the 2000s, Manchuria tended to be much richer and industrialized than Guangdong/Fujian because of Russian/Soviet, South Korean, and Japanese FDI along with the fact that it was close to Beijing and was the heartland of the CCP after WW2 so most SOEs were based there.

By the mid-late 2000s, China's financial sector formalized and a IB/PE/VC model similar to that in the US and Israel arose.

It is, on paper a private company

But you need to understand this is China. BYD is extremely heavily subsidized by the Chinese government. For example, this 2016 article https://www.forbes.com/sites/mclifford/2016/07/26/with-a-lit... mentions

> In the five years ending December 31, 2015, the company reported receiving a total of 2.9 billion yuan ($435 million) in government support.

and that's just the reported support, there are tricks the government can play with for example labor costs, transferring R&D and so forth.