In the second part, are traced the activities of Wang Chih (王直) in the Sino-Japanese private market. 1. Wang Chih before the arrival in Japan. From the Jipen ichen and other sources it can be presumed that Wang was an educated man, and that during his youth he struggled against poverty, and later he went to the sea coast. 2. How Wang induced the Japanese traders to go to China. In 1545, when the Japanese delegate Juko was going back to Japan, Wang accompanied him and tried to induce Japanese traders to go to the Chekiang coast. Probably during this trip he reached Goto and from there sailed back to Lequios. The story of 'Wu Feng' (五峰) found in the Teppo Ki might be a development of this trip. 3. Wang's activities prior to his becoming a ruler. In 1547 Wang established his headquarters in Goto, and travelled between Ningpo and Goto, developing trade. He soon became a big ship-owner. In 1549 he took up arms and defeated the local pirates. Therefore he was permitted to continue his private trade. Later he was stationed at Li Kang, and in 1551 defeated Ch'en Szu-p'an pirate, and became a sea coast ruler. 4. The frame of Li-Kang and its destruction. In Li Kang, Wang made himself the King of Ching Hai. The people and traders recognized him and obeyed him. Later, a Wang Shu became the Provincial Commander-in-chief and expelled Wang Chih, who fled to Hirado, Japan in 1553. 5. Wang's life and business in Japan. Wang settled his men in Goto, but he himself stayed in Hirado and made himself the King of Huei (徽王) dominating the private traders. 6. The Great Japanese pirates and the death of Wang Chih. Although Wang was an ambitious trader, he constantly opposed the pirates. No record is found which might indicate his conspiracy with the Japanese pirates. Therefore, when Chao Wenhua and Hu Tsung-hsien the sent Chinese delegates to Japan calling Wang back, Wang conceded without any hesitation. But because of misunderstandings, Wang was accused of being a pirate and was beheaded at the end of 1559.