China Mercantile Co.,certificate of $20 shares, 1904, no. 145, The company was formed in Hong Kong by the Royalists of Qing Dynasty in order to raise money for the reform and support of the large format piece, ornate border, red, blue and yellow, crossed dragon and stars flags at top centre, company logo at low centre, printed by Gilbert & Rivington Ltd., London, Kuangxu, but the feedback was not good and the company was dissolved eventually. A similar piece was sold in Shanghai in 2013 at about 150,000 RMB. folds and wormholes but still very attractive, very fine and very scarce.
