Want Want

Want Want
IndustryFood and drink; media
Founded1962; 62 years ago (1962)
FounderJonathan Shuai Qiang Ng
Key people
Tan Swee Ling[1]
(Board member)
SubsidiariesWant Want China, China Times

Want Want Holdings Limited (Want Want; Chinese: 旺旺集團有限公司; pinyin: Wàngwàng Jítuán Yǒuxiàn Gōngsī) is a food manufacturer and media corporation from Taiwan. It is one of the largest rice cake and flavored drink manufacturers in Taiwan.[2][3] It engages in the manufacturing and trading of snack foods and beverages, divided into four businesses: rice crackers, dairy products, beverages, snack foods (candies, jellies, popsicles, nuts, and ball cakes), and other products.[4] It operates over 100 manufacturing plants in mainland China and 2 in Taiwan, and employs over 60,000 people.[5]

History

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I Lan Foods headquarters

In 1962, Want Want began operations in the name of I Lan Foods Industrial Company Limited (宜蘭食品工業股份有限公司) in Yilan County, Taiwan, which manufactured canned agricultural products. It was founded by Tsai Eng-meng's father, Jonathan Shuai Qiang Ng.[citation needed]

Tsai Eng-meng took over his father's food business at the age of 19 and came up with a new product—crackers made from rice flour.[6]

1983, it collaborated with Iwatsuka Confectionery Company Limited, one of the top three Japanese rice cracker makers, to develop a rice cracker market in Taiwan. In return, Iwatsuka obtained 5% of the common stock of the company.[7] In 2009, Iwatsuka's share in Want Want was valued at about US$350M, nearly three times as much as Iwatsuka's own market value of US$125M.[8]

1987, it became the first Taiwanese operator to apply for the registration of the "Want Want" trademark in China. In 1992, it started its business in Mainland China. In 1994, it commenced its first production plant in Changsha, Hunan. 1996, it was listed on the Singapore Stock Exchange under the name Want Want Holdings Pte Ltd.[citation needed]

2007, Want Want Holdings Pte Ltd was delisted from the Singapore Stock Exchange.[9] In 2008, its subsidiary, Want Want China Holdings Limited, was listed on the Hong Kong Stock Exchange.[10][11]

2008, Want Want China Holdings Ltd. was listed on the Main Board of the Hong Kong Stock Exchange Limited. HKEX STOCK CODE 0151. 2011, Want-Want China Holdings Ltd. was ranked one of the top choice of stocks to buy on the Hang Seng index.

2009, Want Want purchased China Times, as well as China Television (CTV) and CtiTV in 2009.[12]

Want Want has been described as part of Taiwan's conservative camp with the Kuomintang.[13]

Controversy

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Want Want has faced repeated accusations of close links to the Chinese Communist Party[14] and has received subsidies from the Chinese government.[15] The Financial Times reported that these ties include coordination with the Chinese government's Taiwan Affairs Office.[16][17] Want Want subsequently sued the Financial Times correspondent for libel, which Reporters Without Borders called an "abusive" lawsuit.[18]

In November 2019, Wang Liqiang, a self-proclaimed Chinese spy who defected to Australia, claimed that the Want Want China Times Group's media brands China Television and Chung T'ien Television had received funding from a company affiliated with the People's Liberation Army in return for airing stories unfavorable of the Taiwanese government and sought to influence the upcoming 2020 election.[19] The Want Want China Times Group denied these allegations.[20][21]

See also

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References

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  1. ^ "Want Want Holdings Ltd - Company Profile and News". Bloomberg News. Retrieved 2021-02-08.
  2. ^ "Taiwan's Wei family to buy cable TV operator CNS for $2.4 bln -source". Reuters. 2014-08-24. Archived from the original on 2022-06-13. Retrieved 2021-01-26.
  3. ^ "China Times Group is sold to Want Want - Taipei Times". www.taipeitimes.com. 2008-11-05. Archived from the original on 2021-02-26. Retrieved 2021-01-26.
  4. ^ bakeryandsnacks.com (13 June 2018). "Want Want Holdings set to be 'one of the greatest brands in Chinese history'". bakeryandsnacks.com. Archived from the original on 2022-06-13. Retrieved 2021-02-11.
  5. ^ "TAIWAN: China Times Group is sold to Want Want". Archived from the original on 2012-02-13. Retrieved 2009-02-23.
  6. ^ "Forbes: The Snack King of China - Want Want". SLOW Movement. Archived from the original on 2021-12-03. Retrieved 2021-02-08.
  7. ^ "Rise of the new media moguls". South China Morning Post. 23 June 2012. Archived from the original on 24 February 2021. Retrieved 30 May 2020.
  8. ^ Flannery, Russell (9 October 2009). "Extending His Reach". Forbes. Archived from the original on 1 January 2016. Retrieved 30 May 2020.
  9. ^ "Schenker-BAX Merger Completed, Want Want Plans HK IPO". Archived from the original on 2008-03-28. Retrieved 2009-02-23.
  10. ^ Want Want Shares Fall in Hong Kong Debut
  11. ^ "Want Want Holdings Ltd". Archived from the original on 2008-12-08. Retrieved 2009-02-23.
  12. ^ Burrett, Tina; Kingston, Jeffrey (2019-11-05). Press Freedom in Contemporary Asia. Routledge. ISBN 978-0-429-01303-4.
  13. ^ Jeffrey Kingston; Tina Burrett (November 5, 2019). Press Freedom in Contemporary Asia. Taylor & Francis. ISBN 978-0-429-01303-4. Even so, the anti-media monopoly legislation remains a work in progress, due mainly to the controversy between the reformist camp (i.e., DPP, the New Power Party and media reform groups) and the conservative camp (i.e., KMT and the Want Want-China Times Media Group) about what criteria should be used to separate the financial and media industries.
  14. ^ Aspinwall, Nick. "Taiwan Shaken by Concerns Over Chinese Influence in Media, Press Freedom". The Diplomat. Archived from the original on 7 January 2020. Retrieved 24 November 2019.
  15. ^ Kawase, Kenji (April 30, 2019). "Chinese subsidies for Foxconn and Want Want spark outcry in Taiwan". The Nikkei. Archived from the original on April 27, 2020. Retrieved August 12, 2020.
  16. ^ Kurlantzick, Joshua (November 7, 2019). "How China Is Interfering in Taiwan's Election". Council on Foreign Relations. Archived from the original on 29 November 2019. Retrieved 24 November 2019.
  17. ^ "Taiwan primaries highlight fears over China's political influence". Financial Times. Archived from the original on 2021-03-24. Retrieved 2024-07-11.
  18. ^ "Taiwan: Abusive libel suit against Financial Times correspondent". Reporters Without Borders. 2019-07-24. Archived from the original on 2024-03-04. Retrieved 2024-07-11.
  19. ^ Sakkal, Paul; Tobin, Grace; McKenzie, Nick (22 November 2019). "The moment a Chinese spy decided to defect to Australia". The Age. Archived from the original on 23 November 2019. Retrieved 24 November 2019.
  20. ^ Strong, Matthew (23 November 2019). "Taiwan TV stations reject defector's allegations of China funding". Taiwan News. Archived from the original on 28 November 2019. Retrieved 24 November 2019.
  21. ^ "Taiwan TV station in media freedom row gets internet boost". Reuters. 2020-12-10. Archived from the original on 2020-12-22. Retrieved 2021-02-08.
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