A classic colonial-era issue from French Indochina, this stamp features the iconic Indochinese woman vignette framed in ornate blue design work, including a stylized dragon motif. It bears a bold red overprint “KOUANG-TCHÉOU”, applied for postal use in the leased territory of Kouang-Tchéou-Wan (Guangzhouwan), administered by France on the southern Chinese coast. The original face value was replaced with a black “1/5 Cent” surcharge, making this a desirable surcharge/overprint variety. Crisp engraving by A. Puyplat enhances its appeal, with strong color contrast and classic colonial typographic elements. A notable addition to any Indochina, French colonial, or overprint-specialist collection.