Asia Industrial Corporation
In 1908, 31 individuals, including Kim Sa-ok, Kim Jong-rim, Jung Won-do, Kim Young-il, Hwang Sa-yong, Lee Jae-soo, and Oh Jin-guk, established the Asia Industrial Corporation. They aimed to set a standard for the industrial development of Koreans by engaging in agriculture, commerce, and industry, both domestically and abroad. The founders urged Koreans to invest heavily, stating that within 10 to 15 years, they could recover Korea’s lost forest, mining, and railway rights and achieve complete independence. The company raised capital of 20,000 won by selling 800 shares at 25 won each, with a focus on building wealth and regaining national sovereignty. The Asia Industrial Corporation was later overseen by the Korean National Association and evolved into the Tae-dong Industrial Corporation as part of efforts to establish a military base for independence forces.
Kwon-Up Corporation
On March 18, 1908, a group led by Bang Hwa-jung in Los Angeles founded the Kwon-Up Corporation. They sought to prevent the sale of Korean land to foreigners by raising funds for the business.
Tae-dong Industrial Corporation
In April 1909, the Tae-dong Industrial Corporation was established with 53 regulations. It began capital recruitment on May 5, setting the total at $50,000 and targeting 1,000 shares at $50 each. The office was located at the Korean National Association headquarters in San Francisco, and the interim treasurer was Kim Young-il. The company aimed to promote agriculture and commerce in areas such as Russia, British territories, and Australia to generate profits. The Korean National Association sought to use this company to establish a base for independence forces in Northeast Asia. Although efforts were made to purchase and develop land in Manchuria and Primorsky Krai, the project failed due to bandit raids, resulting in a $3,000 loss.
Korean-American Trading Company
In February 1910, Choi Young-man established the Korean-American Trading Company in San Francisco with the goal of trading Korean products. With a capital target of $20,000, they raised $2,500 by selling 250 shares at $10 each. Choi returned to Korea in July 1910 to import goods, but after the annexation of Korea by Japan, he was denied reentry to the United States, leading to the company’s failure.
Heung-Up Corporation
On February 9, 1910, Korean residents in Redlands, Southern California, organized the Heung-Up Corporation under the guidance of An Seok-jung. With a total capital of $3,000, they raised funds by selling 60 shares at $50 each and invested in agriculture.
Heo-Lee Trading Company
In October 1911, Heo Seung-won and Lee Soon-gi opened a general store in Stockton, Northern California, to supply goods to local farms. This was the first Korean-owned store in California.
Korean Agricultural Corporation
On January 1, 1915, the Korean Agricultural Corporation was founded with a capital of $10,000, selling shares at $10 each. An Jae-chang served as president, with Choi Kyung-oh as accountant and Shin Hyung-oh as secretary.
United Shiksan Corporation
On November 12, 1920, Yoon Byung-gu, Kim Jong-rim, Hong Jong-man, and Jung Mong-ryong established the United Shiksan Corporation in Willows, Northern California. Yoon Byung-gu was president, with Kim Jong-rim as vice president and treasurer, and Hong Jong-man as director.
North American Industrial Corporation
Founded on January 20, 1917, in Los Angeles, this company focused on rice farming in Northern California for a decade, supported by members of the Heungsadan (Young Korean Academy). The project initially thrived during World War I due to the high demand for rice. However, it failed after 1920 due to poor harvests, falling rice prices, and legal disputes. Despite raising $95,000 in two rounds of capital recruitment, the company suffered significant losses, including $30,000 at the Willows farm. It closed in 1927, marking the end of Heungsadan’s efforts to promote economic independence through corporate ventures.
Additional Businesses
Several other businesses were established during this era:
- Hawaiian Korean Agricultural Corporation (March 1911)
- Nebraska Korean Agricultural Corporation (April 1914)
- Michigan Korean Limited Corporation in Detroit (March 1925)
These ventures demonstrate the determination of early Korean immigrants to achieve economic independence and contribute to Korea’s liberation through financial means.
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