On March 27, 1862, the American flag company was founded in Shanghai. The company, also known as the Shanghai Steamship Company, is one of the American companies operating in Huaqichang. Qichang Foreign Bank was the first commercial firm that American capital invaded China and started its business by smuggling opium. American businessman Shamel Rosell founded "Rosell Company" in Guangzhou in 1818, commonly known as "Lao Qichang", and changed its name to "Qichang Foreign Bank" in 1824. Initially, he was involved in opium smuggling and promoted goods and purchased silk tea in China on behalf of American and European companies. After the Opium War, the public banking system was abolished. Qichang's influence extended into various trading ports, and almost all the early consuls in China became shareholders of Qichang Foreign Bank. Su Songtaidao and Wu Jianzhang, a comprador businessman, also invested in the bank and one of its seven largest shareholders. The bank has a wide range of business operations, ranging from opium smuggling to import and export trade. It has established shipping companies, terminals, warehouses, and even opened machine silk reeling and tea-roasting factories, gradually becoming the largest American corporate institution in China in the 19th century. The Qichang Shipping Company opened its business. Most of its capital was invested by China comprador merchants, operating the two major routes of Shanghai-Guangdong and Yangtze River. 1867-1872 During the years, it monopolized Yangtze River shipping. All of the bank's operations were liquidated in 1891. Qichang Shipping Company is the first foreign shipping company in Shanghai Port. Its establishment shows that after the First Opium War, the Sino-foreign trade center moved from Guangzhou to Shanghai, and Shanghai became the main venue for comprador merchants.