Rise in Jiangnan (Part 1, 2, 3)

Author: Gao Yang
Publisher:
Publish Date: 1998-03-01
Features: Before the British merchant bank, the Chartered Bank of India, established a branch in Shanghai in the seventh year of the Xianfeng reign of the Qing Dynasty, the national financial industry was controlled by two groups, known as "hongs" in commercial terminology. The northern group was the Shanxi Hong, while the southern group was the Ning-Shao Hong. Although their businesses were similar, their names differed. The former was generally referred to as "" (qiaohao), while the latter was called "" (qianzhuang). The Shanxi Hong was further divided into three sub-groups: the Qixian, Taigu, and Pingyao. The Pingyao group was the one that pioneered the establishment of, with its founder being Lei Litai from Pingyao. Initially, he was employed by a Li family from the same county, managing a dye shop in Tianjin called "Rishengchang," which was around the late years of the Qianlong reign. Under Lei Litai's meticulous care, Rishengchang flourished in business and gained increasing reputation. Even Sichuan knew of this "golden brand," as Lei Litai frequently traveled to Sichuan to purchase dyes such as copper green, and his credit was excellent.