First Carrier Division
Along with "Kaga", "Hōshō" was assigned to the First Carrier Division and sent to China during the Shanghai Incident that began in January 1932. Operating with the Third Fleet, "Hōshō" arrived at the mouth of the Yangtze River on 1 February. Her aircraft participated in the IJN's first aerial combat on 5 February when three fighters, escorting two attack aircraft, were engaged by nine Chinese fighters over Shanghai; one Chinese fighter was damaged, although the Japanese pilots made no claim. Two days later, the two carriers sent some of their aircraft to Kunda Airfield where they flew ground attack missions in support of the Imperial Japanese Army. Between 23 and 26 February, "Kaga" and "Hōshō" bombers attacked Chinese airfields at Hangzhou and Suzhou, destroying a number of Chinese aircraft on the ground. On 26 February, six fighters from "Hōshō", escorting nine attack aircraft from "Kaga" on one of the bombing raids, shot down three of five Chinese fighters that engaged them. The First Carrier Division rejoined the Combined Fleet on 20 March, after a ceasefire had been declared on 3 March.