本文討論二十世紀初期汕頭的臺灣商人如何以靈活的「商業策略」（business strategies）經營汕頭「大東製冰公司」。日治時期臺灣籍民多以個人或家族力量前往中國經商，「日本籍」的身分雖然為臺灣籍民帶來各種利益（稅務減免等），但也帶來困擾。當中國發生排外情況，尤其是排日情緒高漲時，籍民商人自身的安危和經濟利益也易招致損害。因此，如何在中日之間尋求平衡點成為臺灣商人最重要的考量。本文首先簡述汕頭在近代中國歷史上的經濟地位以及在華南地域的重要性。其次，討論旅汕臺灣商人的背景與公司營運狀況，並以臺南仕紳黃欣與汕頭臺灣籍民合資的「大東製冰公司」為例，論證旅汕臺灣商人藉著與日方和中方（潮汕商人）保持「亦敵亦友」的關係，運用國籍、族群和語言等商業策略，分別在1930 年的「退去命令事件」與1930 年代初期臺人股東與華人股東的衝突中確保臺灣商人的利益。

This paper discusses how Taiwanese merchants in Shantou applied business strategies to the management of the Dadong Ice-making Company in the early twentieth century. Under Japanese colonial rule, Taiwanese sekimin conducted business in Mainland China either on their own or through family ties. While their status as ＂Japanese nationals＂ endowed them with various privileges (such as tax exemption), it also caused them trouble under the anti-foreigner, in particular anti-Japanese, sentiment that gripped China in the early twentieth century. In face of imminent threats to their personal safety as well as inevitable economic repercussions, Taiwanese sekimin tried to strike a balance between their Japanese ties and Chinese roots. The discussion in this paper begins with describing the economic status of Shantou in modern Chinese history and its significance in southern China, followed by the background of Taiwanese merchants and their business operations in Shantou. Specifically, the Dadong Ice-making Company, a joint venture of Xin Huang, an entrepreneur from Tainan, and a group of Taiwanese sekimin in Shantou, is presented as a case study illustrating the ＂frenemy＂ relationship of Taiwanese merchants with their Japanese and Chinese counterparts in Shantou. With adaptive application of business strategies that made use of nationality, ethnicity, and language, Taiwanese sekimin merchants protected their commercial interests, as evidenced in how Dadong Ice-making Company survived in the Order of Deportation Incident of 1930 and the growing conflict between Taiwanese and Chinese merchants in that period. This paper also traces and explores the evolution of the tripartite relationship under these two crises.