This paper is to review Yang family’s emigration from Shandong Province to Korea and business activities during modern times with a ‘Booklet of Ancestors’ Meritorious Achievements’ written by Yang, Jian-min(楊建民). Yang, Yi-zhi(楊翼之) opened dry goods company called ‘Hejugong’(和聚公) in 1903 in Chinese settlement of Incheon. Hejugong was established as a joint venture with a trading capital of Yangma Island and Yantai in Shandong Province. The company developed through importing dry goods from Shanghai and selling them with using Overseas Chinese networks constructed all over the country in 1910s and 1920s. Hejugong was the third place in the field of annual sales within Overseas Chinese major companies of Incheon. Overseas Chinese major companies of Korea were seriously damaged by an expulsion agitation against Overseas Chinese in 1931, and Japanese colonial government’s significant tariffs increase against Chinese importing dry goods. They almost went bankrupt, but ‘Hejugong’ was able to exist with the help of investing in real estate and equity investments towards overseas Chinese companies in Incheon. In addition, Hejugong set up ‘Hejugong Oil Mill’ in Harbin and ‘Taifenghao’, a agency of British American Tobacco in Mukden respectively to overcome these crises. ‘Hejugong Oil Mill’ was managed by his eldest son, Yang, Jian-min(楊建民). ‘Taifenghao’ was run by his second son, Yang Ziping(楊子平). This is the first time to be revealed for Overseas Chinese merchants of ‘Shandong Group’(山東幇) in modern Korea to invest directly in China. Political economy’s problem did not keep Hejugong’s multilateral management going well. ‘Taifenghao’ was closed just after Yang Ziping was arrested to be publicly executed on the suspicion of anti-Japanese activities. Hejugong also had no choice but to stop its management by a series of sales person’s arrestment and execution with the same reason. Hejugong Oil Mill was also closed during the Second Chinese Civil War.