This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
汸 combines 氵 (water) with 方, which likely contributes the sound. The exact historical development and original meaning are uncertain.
Water 氵 beside 方 suggests a connection to water, but the specific meaning is unclear. Think of it as an obscure water-related kanji.
For ホウ, imagine a boat's bow cutting through water: bow -> ホウ, and the water radical 氵 reinforces the aquatic scene.