Hong (business)

The Hongs (Chinese: 行) were major business houses in Canton (now known as Guangzhou), China and later Hong Kong with significant influence on patterns of consumerism, trade, manufacturing and other key areas of the economy. They were originally led by Howqua as head of the cohong.

Origin

Prior to the establishment of Hong Kong, the name hong was given to major business houses using the Chinese word (Chinese: 行; pinyin: háng; Jyutping: hong4; literally: "profession") based in Canton. The Thirteen Factories were the original Qing Dynasty (1644–1911) merchants of China responsible for foreign trade under the aegis of the cohong.

The original Canton factories faded from the scene after the First Opium War (1839–1842), just prior to Hong Kong's economic birth and hence had little effect on the new colony's development. A second generation of hongs arose during the Colonial Hong Kong era that were operated directly by foreign companies. Known as the "Foreign Hongs" (Chinese: 洋行; pinyin: Yángháng; Cantonese Yale: yeung4 hong2), each had a Tai-pan or boss and a comprador responsible for dealings with Chinese merchants. One of the earliest Foreign Hongs established was Jardine Matheson & Co., who bought Lot No. 1 at the first Hong Kong land sale in 1841. In 1843 the same firm established a mainland China headquarters on the Bund in Shanghai, just south of the British Consulate. The building was known as "the Ewo Hong", or "Ewo House", based on the Cantonese pronunciation of the company's Chinese name (怡和行, Cantonese: Yiwo Hong, now 怡和洋行). Jardine's took the name from the earlier Ewo hong run by Howqua.