Abstract: From its founding, the Shanghai Telegraph Bureau was repeatedly trespassed by the Qing court and the Beiyang clique. The officials and businessmen fought fiercely, and the interests of all parties were entangled. Sheng Xuanhuai, being at the center of the game vortex and interest disputes, resisted the Qing court on behalf of the interests of stock investors, not only because he was a far-sighted industrialist, but because his personal interests were entangled with those of the telegraph bureau. His proposition of changing the idea of “government confiscating commercial property” to “government buying out business”，together with the opinion proposed by stock investors that the government should handle its relationship with private assets through “peaceful negotiation” and “reaching a consensus by consulting the majority” are important idealogical clues for a modern restructuring of the country’s economic mode from its pre-modern status