in Hangzhou, Zhejiang. Born in 1823 in
Jixi County, Anhui Province, in 1837, the 13-year-old Hu moved to
Hangzhou, Zhejiang, 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 of silver in bank drafts to help Wang run for office. This would cement Wang as Hu's political ally, a relationship that Hu would lean on during his rise to wealth. Twelve years later, in 1860, Wang became the governor of
Zhejiang. 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 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
Zuo Zongtang ("General Tso"), the new viceroy and Governor-General of
Fujian and Zhejiang. He won Zuo's trust by paying for Zuo's army's rations and salaries. He later became General Zuo's financier in all his military efforts. In 1866, he funded
Foochow Arsenal, China's first modern shipyard and naval academy. After General Zuo accepted a position as
Governor-General of Shaanxi and Gansu, Hu ran the naval academy in Zuo's stead. To aid in the movement of Zuo's troops and its military expedition against the
Muslim rebels in
Xinjiang and later the Russians during the Ili Crisis, Huat the time in charge of the Shanghai Transportation and Procurement Bureauprocured a credit line of 15,950,000 taels of silver () from
HSBC, HSBC's first public loan in China. As a result, Zuo 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. It was known then for its uncompromising quality in medicine, ethical treatment of patients 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 an international boycott directed by the French. 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
Hangzhou. It was opened to the public in 2001 after restoration. == Accomplishments ==