Located in Dashilan, Qianxiangyi has its predecessor called Hengxiang which was set up by Meng Yangxuan. In early 1900s, it was founded in Beijing with Beijing Qianxiangyi as the headquarters, and subsidiaries were set up through out China. In its full time, Qianxiangyi had over 20 silk stores all around the country, and formed a huge Qianxiangyi System making it the largest shop in China dealing with silk and cloth. During the joint public-private ownership reform after 1949, it was renamed Beijing Silk Shop. In 2000, it resumed the name Qianxiangyi after the joint-stock reform. It moved to Dashilan later due to the reconstruction in Qianmen. Qianxiangyi is the largest silk shop with most complete variety in China.