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Item Table 5 Xu Run's Investment in Modern Enterprises China Merchants' Steam Navigation Co Yun Wo Insurance Co. Chi Wo Insurance Co. Kaiping Coal Mines Amount (T) % Place 480,000 33.44 Shanghai 100,000 Shanghai 50,000 10 45 Shanghai 150,000 Tianjin Guichi Coal Mines Sanshan Silver Mines 100,000 Auhui 60,000 Rehe Pingchuan Copper Mines 60,000 Jinzhou Mines 50,000 Other Mines 10,000 29 96 Shanghai Cotton Mill 50,000 Shanghai Shang Jinglun Cotton Mili 170,000 Shanghai Craseman & Hagen's Filanda (Yantai Saosi Ju) 10,200 Yantai Paper Manufactury 20,000 Shanghai Chinese Glass Works Co. 30,000 Shanghai Shanghai Dairy Farm Co. 30,000 Shanghai Hong Kong Liyuan Sugar Refinery 30,000 Hong Kong Tianyi Land Reclamation Co 5,000 Jinzhou Taggu Cultivation Co. 30,000 2.44 Tianjin Zhongshan Tongyi Ranyuan cultivation Co 1,000($) Guangdong Total 1,435,200 99.99 (+$1,000)* * Mexican dollars have not been added in the total or calculated in the percentage Source: Xu Run, Qing Xu Yuzhi Xiansheng Run Zixu Nianpu. but educated in Hong Kong. He first came to Shanghai as an interpreter in the Chinese Maritime Customs in 1859. It is believed that he was introduced by an officer named Horatio Nelson Lay whom Tang had met in Hong Hong. Tang was recruited as a comprador by the Jardine, Matheson & Co. in 1863 but he left in 1872. During the decade of his compradorial career, he invested, planned, organized and assisted in the sale of stocks of a number of enterprises. These enterprises were called modern because they had adopted a new form of ownership, organization and management. Moreover, some of them such as steam navigation and insurance companies were the first to take place in China. Unlike Xu Page 45Page 46 !

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25 Item Table 5 Xu Run's Investment in Modern Enterprises China Merchants' Steam Navigation Co Yun Wo Insurance Co. Chi Wo Insurance Co. Kaiping Coal Mines Amount (T) % Place 480,000 33.44 Shanghai 100,000 Shanghai 50,000 10 45 Shanghai 150,000 Tianjin Guichi Coal Mines Sanshan Silver Mines 100,000 Auhui 60,000 Rehe Pingchuan Copper Mines 60,000 Jinzhou Mines 50,000 Other Mines 10,000 29 96 Shanghai Cotton Mill 50,000 Shanghai Shang Jinglun Cotton Mili 170,000 Shanghai Craseman & Hagen's Filanda (Yantai Saosi Ju) 10,200 Yantai Paper Manufactury 20,000 Shanghai Chinese Glass Works Co. 30,000 Shanghai Shanghai Dairy Farm Co. 30,000 Shanghai Hong Kong Liyuan Sugar Refinery 30,000 Hong Kong Tianyi Land Reclamation Co 5,000 Jinzhou Taggu Cultivation Co. 30,000 2.44 Tianjin Zhongshan Tongyi Ranyuan cultivation Co 1,000($) Guangdong Total 1,435,200 99.99 (+$1,000)* * Mexican dollars have not been added in the total or calculated in the percentage Source: Xu Run, Qing Xu Yuzhi Xiansheng Run Zixu Nianpu. but educated in Hong Kong. He first came to Shanghai as an interpreter in the Chinese Maritime Customs in 1859. It is believed that he was introduced by an officer named Horatio Nelson Lay whom Tang had met in Hong Hong. Tang was recruited as a comprador by the Jardine, Matheson & Co. in 1863 but he left in 1872. During the decade of his compradorial career, he invested, planned, organized and assisted in the sale of stocks of a number of enterprises. These enterprises were called modern because they had adopted a new form of ownership, organization and management. Moreover, some of them such as steam navigation and insurance companies were the first to take place in China. Unlike Xu Page 45Page 46 !

2026-05-13 06:27:29 · NVIDIA / meta/llama-4-maverick-17b-128e-instruct

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25 Item Table 5 Xu Run's Investment in Modern Enterprises Company Amount (T) % Place China Merchants' Steam Navigation Co 480,000 33.44 Shanghai Yun Wo Insurance Co. 100,000 Shanghai Chi Wo Insurance Co. 50,000 10 45 Shanghai Kaiping Coal Mines 150,000 Tianjin Guichi Coal Mines 100,000 Anhui Sanshan Silver Mines 60,000 Rehe Pingchuan Copper Mines 60,000 Jinzhou Mines 50,000 Other Mines 10,000 29 96 Shanghai Cotton Mill 50,000 Shanghai Shang Jinglun Cotton Mill 170,000 Shanghai Craseman & Hagen's Filanda (Yantai Saosi Ju) 10,200 Yantai Paper Manufactury 20,000 Shanghai Chinese Glass Works Co. 30,000 Shanghai Shanghai Dairy Farm Co. 30,000 Shanghai Hong Kong Liyuan Sugar Refinery 30,000 Hong Kong Tianyi Land Reclamation Co 5,000 Jinzhou Taggu Cultivation Co. 30,000 2.44 Tianjin Zhongshan Tongyi Ranyuan Cultivation Co 1,000($) Guangdong Total 1,435,200 99.99 (+$1,000)* * Mexican dollars have not been added in the total or calculated in the percentage Source: Xu Run, Qing Xu Yuzhi Xiansheng Run Zixu Nianpu. but educated in Hong Kong. He first came to Shanghai as an interpreter in the Chinese Maritime Customs in 1859. It is believed that he was introduced by an officer named Horatio Nelson Lay whom Tang had met in Hong Kong. Tang was recruited as a comprador by the Jardine, Matheson & Co. in 1863 but he left in 1872. During the decade of his compradorial career, he invested, planned, organized and assisted in the sale of stocks of a number of enterprises. These enterprises were called modern because they had adopted a new form of ownership, organization and management. Moreover, some of them such as steam navigation and insurance companies were the first to take place in China. Unlike Xu Page 45 Page 46

Baseline (Original)

25 Item Table 5 Xu Run's Investment in Modern Enterprises China Merchants' Steam Navigation Co Yun Wo Insurance Co. Chi Wo Insurance Co. Kaiping Coal Mines Amount (T) % Place 480,000 33.44 Shanghai 100,000 Shanghai 50,000 10 45 Shanghai 150,000 Tianjin Guichi Coal Mines Sanshan Silver Mines 100,000 Auhui 60,000 Rehe Pingchuan Copper Mines 60,000 Jinzhou Mines 50,000 Other Mines 10,000 29 96 Shanghai Cotton Mill 50,000 Shanghai Shang Jinglun Cotton Mili 170,000 Shanghai Craseman & Hagen's Filanda (Yantai Saosi Ju) 10,200 Yantai Paper Manufactury 20,000 Shanghai Chinese Glass Works Co. 30,000 Shanghai Shanghai Dairy Farm Co. 30,000 Shanghai Hong Kong Liyuan Sugar Refinery 30,000 Hong Kong Tianyi Land Reclamation Co 5,000 Jinzhou Taggu Cultivation Co. 30,000 2.44 Tianjin Zhongshan Tongyi Ranyuan cultivation Co 1,000($) Guangdong Total 1,435,200 99.99 (+$1,000)* * Mexican dollars have not been added in the total or calculated in the percentage Source: Xu Run, Qing Xu Yuzhi Xiansheng Run Zixu Nianpu. but educated in Hong Kong. He first came to Shanghai as an interpreter in the Chinese Maritime Customs in 1859. It is believed that he was introduced by an officer named Horatio Nelson Lay whom Tang had met in Hong Hong. Tang was recruited as a comprador by the Jardine, Matheson & Co. in 1863 but he left in 1872. During the decade of his compradorial career, he invested, planned, organized and assisted in the sale of stocks of a number of enterprises. These enterprises were called modern because they had adopted a new form of ownership, organization and management. Moreover, some of them such as steam navigation and insurance companies were the first to take place in China. Unlike Xu Page 45Page 46 !

2026-05-13 06:27:29 · Baseline

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25

Item

Table 5

Xu Run's Investment in Modern Enterprises

China Merchants' Steam Navigation Co

Yun Wo Insurance Co.

Chi Wo Insurance Co.

Kaiping Coal Mines

Amount (T) %

Place

480,000 33.44

Shanghai

100,000

Shanghai

50,000 10 45 Shanghai

150,000

Tianjin

Guichi Coal Mines

Sanshan Silver Mines

100,000

Auhui

60,000 Rehe

Pingchuan Copper Mines

60,000

Jinzhou Mines

50,000

Other Mines

10,000 29 96

Shanghai Cotton Mill

50,000

Shanghai

Shang Jinglun Cotton Mili

170,000

Shanghai

Craseman & Hagen's Filanda

(Yantai Saosi Ju)

10,200

Yantai

Paper Manufactury

20,000

Shanghai

Chinese Glass Works Co.

30,000

Shanghai

Shanghai Dairy Farm Co.

30,000

Shanghai

Hong Kong Liyuan Sugar Refinery

30,000

Hong Kong

Tianyi Land Reclamation Co

5,000

Jinzhou

Taggu Cultivation Co.

30,000

2.44 Tianjin

Zhongshan Tongyi Ranyuan cultivation Co

1,000($)

Guangdong

Total

1,435,200 99.99

(+$1,000)*

* Mexican dollars have not been added in the total or calculated in the percentage Source: Xu Run, Qing Xu Yuzhi Xiansheng Run Zixu Nianpu.

but educated in Hong Kong. He first came to Shanghai as an interpreter in the Chinese Maritime Customs in 1859. It is believed that he was introduced by an officer named Horatio Nelson Lay whom Tang had met in Hong Hong. Tang was recruited as a comprador by the Jardine, Matheson & Co. in 1863 but he left in 1872. During the decade of his compradorial career, he invested, planned, organized and assisted in the sale of stocks of a number of enterprises. These enterprises were called modern because they had adopted a new form of ownership, organization and management. Moreover, some of them such as steam navigation and insurance companies were the first to take place in China. Unlike Xu

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