Passengers sit in a Beijing subway train as it passes a Web advertisement.
Her eyes widened when asked how she could be certain to find one that pays if so few Chinese Internet companies have any revenue. The answer, to her, is as obvious as the mole on Mao Zedong's chin. The torrent of cash into private hands is without parallel here under Communist Party rule. It also is particularly conspicuous given the enormous financing difficulties that many budding Chinese entrepreneurs confront in a society that still officially discourages real capitalism. The money also could quickly vanish or move elsewhere if foreign venture capitalists decide China is not worth the risk, leaving people like Ms. Shao stranded.