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A hong (Chinese: 行; pinyin: háng; Jyutping: hong4-2) was a type of Chinese merchant establishment and its associated type of building. [1] Hongs arose in Guangzhou (formerly known as Canton) as intermediaries between Western and Chinese merchants during the 18–19th century, under the Canton System.
The Hong merchants included Howqua (Wu Bingjian), Puankhequa, Mowqua, Goqua, Fatqua, Kingqua, Sunshing, Mingqua, Saoqua, and Punboqua. [15] Despite the existence of Sinophones [ 15 ] and the linguists usually accompanying each ship, [ 4 ] foreigners were notionally banned by imperial decree from learning the Chinese language, [ 1 ] there being ...
The Cohong, sometimes spelled kehang or gonghang, a guild of Chinese merchants or hongs, operated the import–export monopoly in Canton (present-day Guangzhou) during the Qing dynasty (1644–1911). During the century prior to the First Opium War of 1839–1842, trade relations between China and Europe took place exclusively via the Cohong ...
This system licensed trade with Western merchants: licences were granted to a number of Chinese merchants as long as they helped to collect duties from the Westerners, successfully aligning trading interests with the government's revenue collection. This was the predecessor for the later Cohong system. [11]
Perhaps the wealthiest man in China during the nineteenth century, Howqua was the senior of the hong merchants in Canton, one of the few authorized to trade silk and porcelain with foreigners. In an 1822 fire which burned down many of the cohongs , [ 9 ] the silver that melted allegedly formed a little stream almost two miles in length.
The Thirteen Factories, the area of Guangzhou to which China's Western trade was restricted from 1757 to 1842 The gardens of the American factory at Guangzhou c. 1845. The Old China Trade (Chinese: 舊中國貿易) refers to the early commerce between the Qing Empire and the United States under the Canton System, spanning from shortly after the end of the American Revolutionary War in 1783 to ...
Its Hong Kong–based distribution business, Sims Trading, was sold to CITIC Pacific. In June 2002, the 61-store Woolworths chain in New Zealand acquired in 1990, was sold for US$337 million. In 2004, the Group's Hong Kong ice manufacturing business which began in 1918 was sold for US$107 million.
The Association was renamed the Hong Kong Stock Exchange in 1914. [citation needed] A second exchange, the Hong Kong Stockbrokers' Association was incorporated in 1921. The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War.