Individual companies being owned by their employees isn't socialism. For that matter, the Soviet Union wasn't socialist either - the workers owned nothing, the state owned everything. All the land, all the factories, all the manufactured goods.
The Russian empire wasn't well developed by any stretch of the imagination.
Actually, yes, this is the literal definition of socialism. It's workers owning the means of production.
In the same way that China having private companies doesn't make it capitalistic.