Abstract: During the Ming and Qing dynasties, Huizhou Merchants not only on supported educational institutions in their home district, but also established academies in areas where they migrated. The Ziyang Academy of Hankou was a typical example of the academies that these merchants established for the studies of their male descendants who migrated with them. The establishment of the Ziyang Academy contributed to both the development of commercial economy in the late feudal period and reflected the common character of Huizhou Merchants who both “traded and felt enthusiasm for Confucianism.”An examination of the establishment of the Academy and the operation of its finances reveals the differences between merchant- sponsored academies and traditional academies.