1823, Hu Xueyan was born in an ordinary family in Hangzhou. Hu Xueyan lost his father at an early age and his family was poor. 1835, Hu Xueyan, the eldest son, was recommended by his relatives to be an apprentice at Hangzhou Xinhe Bank.
By chance, Hu Xueyan met Wang Youling, and they soon became friends. Wang Youling wants to donate an official to Beijing, but he has no money. Hu Xueyan secretly borrowed 500 taels of silver from the bank to make friendship with Wang Youling.
Later, Wang Youling sat on the throne of Zhejiang Governor. He not only returned 500 taels of silver to Hu Xueyan with interest, but also helped Hu Xueyan set up his own bank-Fukang Bank. 186 1 year, Taiping Army attacked Hangzhou. The following year, Wang Youling, the governor of Zhejiang, committed suicide. After the death of Wang Youling, Zuo succeeded the Governor of Zhejiang. At that time, Zhejiang was short of food. Zuo wanted to attack the Taiping Army, but suffered from a shortage of military supplies. While Hu Xueyan is helping the left at this time.
There is enough reward. Zuo soon led a great army to capture Hangzhou. Then, Zuo appointed Hu Xueyan to manage the Disaster Relief Bureau and set up a porridge factory, a refugee bureau, a charity hall and a medicine bureau. Hu Xueyan did very well, and soon stabilized Zhejiang's economy, and he also made a lot of benefits.
Later, Hu Xueyan was awarded the title of "second-class official title" by the Qing court, wearing a red coral yellow coat. The honor of quasi-Forbidden City riding became the only "red-topped businessman" in the late Qing Dynasty. After his success, he did a lot of righteous deeds for the people and was called "a good man in Hu Da".
1882, Hu Xueyan opened a silk factory in Shanghai and hoarded all domestic silk with 20 million taels of silver in an attempt to monopolize the silk trade, but it also caused a serious shortage of funds for the business empire. At this time, unprofitable foreign businessmen unite. Reject China silk. However, the customs shipping was completely manipulated by foreigners, which led to Hu Xueyan selling silk at a low price, with a loss of 6,543,800+million. After the news spread, bureaucrats all over the country rushed to withdraw money. By 1883, all the Fukang banks in China were bankrupt.
Brilliant life, suddenly gone. Hu Xueyan accepted defeat frankly. Subsequently, he dismissed all his concubines, spent his last time with his wife who shared weal and woe, and died of depression in 1885.