The Changed Situation

By the latter half of the 1880s, Chinese merchants clearly understood what was meant by the limited liability of shareholders of Britishregistered firms in Hongkong or England. After the Ewo Filature, two Sino–British joint-share partnership steamship navigation companies ( Hua’an lunchuan gongsi and Hong’an lunchuan gongsi ) were established in 1886 and 1890. In addition, more and more Chinese bought shares in various kinds of British joint-stock companies in China, such as insurance companies, trust banks, wharf companies, land investment companies and manufacturing companies. In total, Chinese shareholders held 40 percent of all shares issued by foreign joint-stock companies in China by the end of the 1880s. Since so many Chinese invested in foreign joint-stock companies in China, the first securities exchange, ‘The Shanghai Sharebrokers Association’, was established in 1891. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.