The city name appears to be the characters for modern Qingdao. However, there is a small half-height "T" shape symbol in between the 2 characters. I'm not sure what that represents.
Month looks like August (overinked, looks like 8, but could be badly overinked 9 -- if 9 then September). Date is the 12th. Can't make out the year -- too overinked.
I'm not familiar enough with postmarks to tell you what it represents. It's the Chinese character "ding", but why it's a smaller size font and why it's put in the middle -- I haven't the foggiest idea. I'm sure it represents something. I'll leave it to those familiar with the cancel type to chime in. In some instances, "ding" can represent "4th". But what that means in the cancel?
For your reference, the traditional spelling of the city is Tsingtao (modern spelling Qingdao).
I took a quick look at some other Tsingtao covers of that approximate time period, and they have a smaller size font character in between the 2 main characters. Some of have the same "ding" character, others have another character that is too overinked for me to decipher. So obviously, that character is significant. Maybe a district or PO???
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