The founder of Mengniu Dairy, China's largest milk producer, has been replaced as chairman of the company's main subsidiary by a state-appointed executive, in the latest example of what analysts believe is a creeping renationalisation of some parts of the economy.
Niu Gensheng, whose surname means “cow”, built Mengniu from scratch and has become a symbol of how private entrepreneurs can succeed in the state-dominated economy.
But in early July, Mr Niu sold a 20 per cent stake to a consortium led by state-owned China National Oils, Foodstuffs and Cereals Corp, China's largest importer and exporter of food. That sale made the state the single largest shareholder.
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