Hu Guangyong (1823–1885), better known by his

courtesy name A courtesy name (), also known as a style name, is a name bestowed upon one at adulthood in addition to one's given name. This practice is a tradition in the East Asian cultural sphere, including China, Japan, Korea, and Vietnam.Ulrich Theob ...

Xueyan, was a businessman in China during the latter

Qing dynasty The Qing dynasty ( ), officially the Great Qing,, was a Manchu-led imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin dynasty founded by the Jianzhou Jurchens, a Tungusic-spea ...

. He was active in banking, real estate, shipping and

Chinese medicine Traditional Chinese medicine (TCM) is an alternative medical practice drawn from traditional medicine in China. It has been described as "fraught with pseudoscience", with the majority of its treatments having no logical mechanism of action ...

. He was involved in the salt, tea, clothing, grain as well as the arms trade. Hu was the only person of the

merchant class The bourgeoisie ( , ) is a social class, equivalent to the middle or upper middle class. They are distinguished from, and traditionally contrasted with, the proletariat by their affluence, and their great cultural and financial capital. The ...

in the Qing dynasty to be awarded a red-topped hat, a rank indicating an officer of second grade () by the Qing imperial court. He was also one of the few people given express permission by

Empress Dowager Cixi Empress Dowager Cixi ( ; mnc, Tsysi taiheo; formerly romanised as Empress Dowager T'zu-hsi; 29 November 1835 – 15 November 1908), of the Manchu Yehe Nara clan, was a Chinese noblewoman, concubine and later regent who effectively controlled ...

to ride a horse in the

Forbidden City The Forbidden City () is a palace complex in Dongcheng District, Beijing, China, at the center of the Imperial City of Beijing. It is surrounded by numerous opulent imperial gardens and temples including the Zhongshan Park, the sacrifi ...

Biography

Hu Xueyan's former residence, Hangzhou - 008

Born in 1823 in Jixi County, Anhui Province, in 1837, the 14-year-old Hu moved to

Hangzhou Hangzhou ( or , ; , , Standard Mandarin pronunciation: ), also romanized as Hangchow, is the capital and most populous city of Zhejiang, China. It is located in the northwestern part of the province, sitting at the head of Hangzhou Bay, whic ...

to be apprenticed to a private bank which would later become the foundation of his Fukang Bank (). Through a series of events, at 26 years of age, he became friends with a local salt magnate, Wang Youling. He borrowed 500

taels Tael (),"Tael" entry
at the

Zhejiang Zhejiang ( or , ; , Chinese postal romanization, also romanized as Chekiang) is an East China, eastern, coastal Provinces of China, province of the People's Republic of China. Its capital and largest city is Hangzhou, and other notable citie ...

. In gratitude for Hu's help early on his campaign, Wang campaigned hard to help Hu start more private banks. The following year, the

Taiping Rebellion The Taiping Rebellion, also known as the Taiping Civil War or the Taiping Revolution, was a massive rebellion and civil war that was waged in China between the Manchu-led Qing dynasty and the Han, Hakka-led Taiping Heavenly Kingdom. It laste ...

reached Hangzhou. Hu used his considerable influence to transport food and arms to the city. However, by the end of the year, Hangzhou fell due to the lack of food. Wang committed suicide, leaving Hu without an ally. At the age of 39, Hu eventually found an ally in General Tso, the new viceroy and Governor-General of

Fujian Fujian (; alternately romanized as Fukien or Hokkien) is a province on the southeastern coast of China. Fujian is bordered by Zhejiang to the north, Jiangxi to the west, Guangdong to the south, and the Taiwan Strait to the east. Its cap ...

and Zhejiang. He won Tso's trust by paying for Tso's army's rations and salaries. He later became General Tso's financier in all his military efforts. In 1866, he funded

Foochow Arsenal The Foochow Arsenal, also known as the Fuzhou or Mawei Arsenal, was one of several shipyards created by the Qing Empire and a flagship project of French assistance to China during the Self-Strengthening Movement. The shipyard was constructed unde ...

, China's first modern shipyard and naval academy. After General Tso accepted a position as Governor-General of Shaanxi and Gansu, Hu ran the naval academy in Tso's stead. To aid in the movement of Tso's troops and its military expedition against the Muslim rebels in

Xinjiang Xinjiang, SASM/GNC: ''Xinjang''; zh, c=, p=Xīnjiāng; formerly romanized as Sinkiang (, ), officially the Xinjiang Uygur Autonomous Region (XUAR), is an autonomous region of the People's Republic of China (PRC), located in the northwest ...

and later the Russians (known as the Ili Crisis), Hu, then being in charge of the Shanghai Transportation and Procurement Bureau, raised up to 15,950,000 taels of silver () in debt from HSBC - HSBC's first public loan in China. As a result, Tso was victorious, and Hu was awarded the red-topped hat by the Imperial Court for his efforts. Along the way, Hu set up various other businesses, ranging from banks to pawnshops. After being recognised by the Qing government for his achievements, Hu also began to engage in more philanthropic activities. His best known contribution that still stands to this day is the medicinal hall

Hu Qing Yu Tang Hu Qingyu Tang () is a historically significant Chinese pharmaceutical company. It is as well known as a Tongrentang in Beijing. Foundation It was founded by Hu Xueyan with the south architectural style in 1874, located at 95 Dajing Lane () al ...

. It was known then for its uncompromising quality in medicine, ethical treatment of customers and cheap healthcare. It was said that Hu himself personally exchanged a peasant's medicine after being complained to. It was his ethics that propelled his fame. Later in life, Hu tried to corner the silk trade, leading to a boycott led by the French.Drew, E.B, Shanghai Daily, "...The China Silk trade has been greatly affected for the past two years by the speculative operations of a wealthy Chinese banker who has been buying constantly..." In 1883, after being forced to sell silk, he began to experience cash flow problems. There were runs on his bank, and he finally filed for bankruptcy in 1884. Within a year, Hu died of depression at age 62. Hu's former residence is now a tourist attraction in

. It was opened to the public in 2001 after restoration.

Accomplishments

Hu Xueyan is known in modern China for these accomplishments: * Funded the modernization of the Chinese army * Founded the pharmaceutical company

* Retrieved cultural relics from outside China (mostly Japan) * Ethics of a businessman

Popular culture

* Fragrance of Osmanthus of August () - Taiwanese TV Movie * Red Topped Hat Businessman () - 25 episode Chinese TV series

References

Sources

* * * *

Biography

Accomplishments

Popular culture

References

Sources

Further reading