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Want Want

Want Want China Holdings Limited is a Hong Kong-listed investment holding company engaged in the manufacturing, distribution, and sale of snack foods, beverages, and dairy products, with rice crackers as its flagship offering.^[1] Founded in Taiwan in 1962 as I Lan Foods Industrial Co., Ltd., by the father of current chairman Tsai Eng-meng, the company shifted focus under Tsai's leadership from canned goods to innovative rice-based snacks, launching the Want Want brand in 1983 and entering mainland China in 1992.^[2]^[3] The company has grown into one of the world's largest rice cracker producers, achieving significant market penetration in China through aggressive expansion, localized production, and marketing featuring its distinctive cartoon tiger mascot.^[4] Its product portfolio includes flavored rice crackers, flavored milk drinks, and peanut candies, supported by over 200 manufacturing facilities and a vast distribution network.^[5] Financially, Want Want maintains a strong position in the packaged food sector, with Tsai Eng-meng recognized as Taiwan's wealthiest individual due to his controlling stake.^[6] Beyond its core business, Want Want Group, under Tsai's direction, has diversified into media ownership, acquiring Taiwan's China Times Group in 2008, which has drawn scrutiny for promoting cross-strait amity and facing repeated accusations of pro-Beijing bias and dissemination of misleading information critical of Taiwan's independence-leaning government.^[7]^[8] These media operations have sparked protests and regulatory challenges in Taiwan, highlighting tensions over perceived alignment with Chinese Communist Party interests amid subsidies and political commentary framing Taiwan as part of China.^[9]^[10] Despite such controversies, the company's snack dominance persists, underscoring its commercial resilience separate from political entanglements.^[11]

Founding and Early Development

Origins in Taiwan (1962–1982)

I Lan Foods Industrial Co., Ltd. was founded in 1962 in Yilan County, Taiwan, by Tsai A-Shi and business partners, initially operating as a manufacturer of canned and preserved foods amid Taiwan's post-war economic recovery.^[12]^[13] The company focused on basic food processing during its formative years, producing items such as canned goods to meet local demand in a developing market characterized by limited industrial infrastructure and reliance on agricultural inputs.^[13]^[12] By 1976, Tsai Eng-Meng, son of co-founder Tsai A-Shi, joined as assistant to the president; the following year, in 1977, the enterprise was auctioned, with Tsai A-Shi acquiring it and appointing his son as CEO at age 21.^[12]^[14] Under Tsai Eng-Meng's direction from 1977 onward, I Lan Foods pursued diversification beyond traditional canning, expending 2.5 years to secure rice cracker production technology from Japan's Iwatsuka Confectionery Co., culminating in the launch of rice flour crackers by 1982.^[12] This shift leveraged Taiwan's abundant rice resources and anticipated demand for convenient snacks, marking a pivot toward innovative, shelf-stable products.^[12]

Launch of Want Want Brand and Initial Growth (1983–2000)

In 1983, I Lan Foods Industrial Co., Ltd., originally founded in 1962, launched the Want Want brand in Taiwan, shifting focus from canned goods to innovative rice-based snacks. The inaugural products were senbei-style rice crackers, developed through a technical collaboration with Japan's Iwatsuka Confectionery Company, leveraging Japanese expertise in rice cracker production to adapt traditional senbei for local tastes using Taiwan's abundant japonica rice supply.^[15]^[16] This pivot marked the company's entry into the competitive snack market, with the brand name "Want Want" derived from the playful onomatopoeia for a dog's bark ("wang wang"), intended to convey fun and approachability.^[2] Under the leadership of Tsai Eng-meng, son of founder Tsai Eng-Mei, who assumed control in the early 1980s, the brand rapidly gained traction through aggressive marketing and product innovation, including variants like the signature Senbei Rice Cracker and Shelly Senbei.^[17] By the late 1980s, Want Want had captured approximately 95% of Taiwan's rice cracker market share, driven by affordable pricing, consistent quality, and widespread distribution in convenience stores and supermarkets, transforming it from a niche player to a household name.^[18] This dominance stemmed from efficient production scaling and consumer preference for crispy, savory rice snacks amid Taiwan's economic boom, which boosted disposable incomes and snack consumption.^[19] During the 1990s, initial growth extended beyond Taiwan as Want Want diversified its portfolio with additional snack lines, such as puffed rice products and early beverage trials, while establishing manufacturing footholds abroad. The company entered the mainland China market around 1989, setting up its first factory investments to tap into similar rice-centric demand, followed by listing on the Singapore Stock Exchange in 1992 to fund expansion.^[4]^[14] By 2000, these efforts had solidified Want Want's position as a leading Asian snack producer, with sustained profitability from core rice cracker sales and budding international presence, though Taiwan remained the primary revenue base.^[20]

Expansion and Diversification

Entry into Mainland China Market

Want Want, a Taiwanese snack manufacturer originally established as I Lan Foods in 1962, officially entered the mainland China market in 1992 by setting up its first factory and sales office in Changsha, Hunan Province.^[12] ^[21] This move, led by chairman Tsai Eng-Meng following his assumption of leadership in the company during the 1980s, capitalized on China's post-1978 economic reforms and growing consumer demand for packaged snacks amid urbanization and rising disposable incomes.^[22] The choice of an inland location like Changsha, which at the time lacked modern infrastructure such as reliable roads and power supply, reflected a calculated risk to secure lower land and labor costs compared to coastal regions, enabling localized production of rice crackers and other core products to bypass import barriers and reduce logistics expenses.^[12] The 1992 entry involved initial investments focused on manufacturing facilities for Want Want-branded senbei (rice crackers), which quickly gained traction due to their affordability—priced around 1-2 RMB per pack—and appeal to children as a novel, crispy snack in a market previously dominated by traditional foods like biscuits and candies.^[23] By registering the Want Want trademark in mainland China as early as 1989, the company preempted potential intellectual property challenges and built brand recognition through targeted marketing, including cartoonish packaging featuring the mascot "Wang Wang" (a puppy symbolizing playfulness).^[23] This foundational step laid the groundwork for vertical integration, with the Changsha plant achieving full operational capacity within a year and supporting distribution networks that expanded to nearby provinces, contributing to annual sales growth exceeding 50% in the mid-1990s as domestic competition remained fragmented.^[24] Early challenges included navigating regulatory approvals under China's foreign investment laws, which at the time required joint ventures for certain sectors, though Want Want structured its operations as wholly foreign-owned enterprises where permitted for food processing.^[25] Supply chain hurdles, such as sourcing rice from local farms amid inconsistent quality standards, were mitigated through in-house quality controls and technology transfers from Taiwan operations, ensuring product consistency that differentiated Want Want from local imitators.^[12] By 1995, the company had added production lines for dairy-based snacks like milk drinks, further embedding itself in the market and positioning China as its primary revenue driver, which by the early 2000s accounted for over 90% of group sales.^[21] This expansion exemplified Taiwan firms' role in early foreign direct investment into China's consumer goods sector, leveraging cultural proximities and entrepreneurial agility in a transitioning economy.^[23]

Product Innovation and Brand Portfolio Development

Want Want's product innovation originated with its collaboration with Japanese rice cracker manufacturer Iwatsuka Confectionery in 1983, which introduced advanced baking techniques to produce the signature Senbei rice crackers under the Want Want brand.^[18]^[15] This marked a shift from the company's earlier canned food production, established in 1962 as I Lan Foods, toward specialized snack manufacturing using Japonica rice for a crispy texture and soy sauce flavoring that differentiated it from local competitors.^[18] The Senbei became the foundational product, enabling rapid market penetration in Taiwan and later exports starting in the 1990s.^[18] Building on this core offering, Want Want diversified its portfolio in the late 1990s and 2000s by entering dairy products and beverages, with the Hot-Kid milk-flavored drink launched as a key innovation targeting children and achieving bestseller status in China.^[26] This expansion leveraged existing distribution networks to introduce flavored drinks without preservatives, appealing to health-conscious consumers amid rising demand for convenient nutrition. Concurrently, the company developed snack food lines including QQ gummies, ball cakes, popsicles, and candies, broadening beyond rice-based items to confectionery and frozen treats.^[27] The brand portfolio evolved into four primary categories—rice crackers, dairy products and beverages, snack foods, and other items—supported by sub-brands such as Baby Mum-Mum for infant rice biscuits and Fix Body for functional snacks.^[3]^[28] Launches under these included Prime of Love series for premium dairy and recent health-oriented products like baked brown rice chips under the DeliGrains brand in Europe.^[3]^[18] In 2024, Want Want announced plans to introduce low-alcohol beverages and expand private-label snacks, reflecting a strategic pivot toward premium and functional categories amid slowing domestic growth.^[29] These developments emphasize iterative flavor variations and packaging innovations, such as single-serve formats, to maintain competitiveness in over 60 markets.^[18]^[30]

Acquisition of Media Assets

In November 2008, Tsai Eng-meng, chairman of Want Want Holdings Limited, personally acquired the China Times Group for NT$20.4 billion (approximately US$622 million), marking the company's initial major foray into media ownership.^[31]^[32] The China Times Group encompassed the China Times newspaper, established in 1950, alongside television stations including Chung T'ien Television (CTV) and Chung T'ien Information Channel (CTiTV), as well as radio stations and magazines.^[33] This purchase, executed through Tsai and his family members, preempted a competing bid and integrated the assets under Want Want's growing portfolio, though Want Want China initially stated no intent to directly manage operations.^[34]^[35] Subsequent expansions included a 2010 agreement by a Want Want-led consortium to acquire China Network Systems (CNS), Taiwan's largest cable television operator, valued at NT$76 billion (US$2.52 billion) in related transactions, representing one of the island's largest media deals at the time.^[36]^[37] Regulatory approval for CNS's TV assets followed in July 2012, enhancing Want Want's control over broadband and cable distribution networks.^[37] Additionally, in November 2012, a group of investors including Tsai Shao-chung, president of Want Want China Times Group, purchased Next Media's Taiwan operations—comprising the Apple Daily newspaper and related print assets—for NT$17.5 billion (US$600 million), further consolidating media holdings amid competitive bidding.^[38] These acquisitions diversified Want Want beyond snacks into print, broadcast, and cable sectors, leveraging Tsai's personal and corporate resources to build a significant media presence in Taiwan.^[39]

Products and Operations

Core Snack Offerings

Want Want's core snack offerings center on rice crackers, which originated as the company's foundational product line following the launch of the Want Want brand in 1983. These senbei-style crackers, produced from high-quality japonica rice sourced primarily from eastern Taiwan, emphasize a crisp texture and subtle sweetness derived from natural ingredients without artificial preservatives in many variants.^[40] The original plain rice crackers remain a staple, often packaged in family-sized portions weighing up to 520 grams, reflecting their mass-market appeal in Asia and exported markets.^[41] Key variants include shelly senbei, distinguished by their seashell-shaped form for enhanced visual and textural appeal, and fried rice crackers such as the crunchy senbei (155 grams per pack) that incorporate palm oil for a golden, savory finish.^[41] Flavored options expand the lineup with additions like seaweed-infused crackers for umami depth, cheese-coated versions for a dairy tang, and spring onion or red yeast rice seasonings, catering to diverse regional tastes while maintaining rice as the primary base.^[42] These products are positioned as affordable, portable snacks, with individual packs typically ranging from 135 to 160 grams, supporting high-volume consumption in convenience stores and supermarkets across Taiwan, mainland China, and international outlets.^[43] Complementing the rice cracker dominance, core snacks extend to puffed and bite-sized innovations like golden rice cracker bites in chicken flavor (160 grams), which blend rice with seasonings for a lighter, flavored crunch.^[43] Ball cakes, such as the honey-flavored variant (210 grams), represent an early diversification into soft, cake-like snacks with a spongy interior coated in crisp rice elements, underscoring Want Want's emphasis on hybrid textures within its snack foods segment.^[44] This portfolio, segmented separately from beverages and dairy in corporate reporting, generated significant revenue from rice crackers and related snacks, comprising a core revenue driver as noted in mid-2010 financial disclosures.^[45]

Beverage and Other Product Lines

Want Want's beverage offerings encompass a range of dairy-based and non-dairy drinks, including flavored milk, yogurt drinks, ready-to-drink coffee, juice drinks, sports drinks, and herbal teas.^[3] These products are produced under the dairy products and beverages segment, which focuses on manufacturing and sales of items such as lactic acid bacteria drinks and milk tea variants.^[21] Specific examples include the Want Want Milk Flavored Drink in tetra pak formats (125ml and 245ml sizes) and yogurt drinks emphasizing nutritional benefits like probiotics.^[46] In August 2025, the company introduced a sugar-free tea line bottled in 500ml sizes, featuring flavors such as Ming Xiang Narcissus Oolong and Ming Xiang Tie Guan Yin, targeting health-conscious consumers seeking low-calorie options.^[47] Other beverage innovations include fruit-flavored milk drinks, such as the 10 Points Orange Flavored Fruit Milk (125ml), and jelly drinks in varieties like mixed fruit, peach, and orange-pineapple combinations, often packaged for convenience in 400g or 750g formats.^[48]^[49] Beyond beverages, Want Want maintains product lines in candies and frozen treats, including ice pops and [ice cream](/page/ice cream), distributed through international channels and subsidiaries in markets like Vietnam.^[20] These items complement the core snack portfolio, with candies offered in assorted packs and ice products such as family packs of 78ml bars in multiple flavors.^[44] Such diversification supports broader consumer appeal in Asian and export markets, though these categories represent smaller revenue contributions compared to snacks and dairy beverages.^[3]

Manufacturing and Supply Chain

Want Want China Holdings Limited maintains an extensive manufacturing network concentrated in mainland China, supplemented by facilities in Taiwan, to produce its core snack foods, dairy beverages, and other items. As of March 2025, the company operated 35 production bases and 89 factories across the Chinese mainland, enabling localized production to meet regional demand for rice crackers, puffed snacks, and related products.^[4] These facilities focus on key product lines, with historical capital expenditures directed toward expansions in rice cracker plants, dairy processing units, and beverage production lines to enhance capacity and efficiency.^[50]^[51] The supply chain emphasizes vertical integration and proximity to raw material sources, primarily rice, dairy, and grains procured from domestic suppliers in China to minimize transportation costs and support just-in-time manufacturing. Operations leverage over 419 sales offices on the mainland for downstream distribution, facilitating rapid delivery to retailers and wholesalers while partnering with approximately 10,000 dealers to extend reach.^[4] This structure, bolstered by investments in plant upgrades, has sustained output amid varying market conditions, though specific sourcing details for commodities like rice remain tied to regional agricultural supply in provinces hosting major facilities.^[29] Overseas exports draw from these bases, with additional processing in Taiwan for select products destined for markets in Southeast Asia, North America, and beyond.^[5]

Corporate Governance and Financials

Ownership and Leadership

Want Want China Holdings Limited, the primary listed entity of the Want Want Group, is majority-owned by Tsai Eng-meng, who controls approximately 52.3% of the company's shares through direct and indirect holdings.^[52] This stake provides the Tsai family with effective control over strategic decisions, despite the company's public listing on the Hong Kong Stock Exchange (stock code: 0151.HK) since December 2008.^[1] Other notable shareholders include Iwatsuka Confectionery Co., Ltd. with 5.15% and Wen-hsien Cheng with 3.92%, while institutional investors such as BlackRock hold smaller positions.^[52] Tsai Eng-meng has served as Chairman and Chief Executive Officer since 1987, overseeing the transformation of the family business—originally founded by his father in 1962 as a small trading firm—into a multinational snack and beverage conglomerate.^[53] Born in 1957, Tsai assumed leadership after expanding operations into rice cracker production in Taiwan and later into mainland China in 1992, leveraging his experience in the food industry to drive growth.^[17] The board of directors, as of October 2025, includes family members in key executive roles, such as Tsai Shao-chung and Tsai Wang-chia as executive directors, reflecting a concentrated family governance structure.^[54] Additional leadership positions are held by Chi-wen Chu as Chief Financial Officer and executive director, responsible for financial oversight, and Wang-chia Tsai as Chief Operating Officer with oversight of dairy and beverages divisions.^[55] The board also features independent non-executive directors, including Ker Wei Pei for governance matters, to ensure compliance with Hong Kong listing requirements, though family influence remains dominant in operational control.^[56]

Stock Listing and Market Performance

Want Want China Holdings Limited has been listed on the Main Board of the Hong Kong Stock Exchange since March 26, 2008, under the stock code 0151.HK.^[21] The listing followed the company's restructuring as a Cayman Islands-incorporated entity with primary operations in mainland China, enabling access to international capital markets while maintaining its focus on snack foods and beverages.^[57] As of October 25, 2025, the stock closed at HK$5.26, reflecting a modest daily range of HK$5.18 to HK$5.29 and a 52-week range of HK$4.34 to HK$5.97.^[58] The market capitalization stood at approximately HK$62.08 billion, supported by 11.8 billion issued shares.^[59] Trading volume on that date was around 4.34 million shares, below the three-month average of 5.13 million, indicating relatively stable liquidity amid broader Hang Seng Index fluctuations.^[60] Year-to-date performance through October 2025 showed a 3.18% increase, underperforming the Hang Seng benchmark due to sector-specific pressures in China's consumer staples market, including dairy segment slowdowns.^[60] ^[61] Longer-term, the stock has delivered compounded annual returns of varying strength; from listing through fiscal year-end March 31, 2025, it navigated peaks above HK$16 (pre-adjustment) in 2015 amid expansion optimism, followed by corrections tied to economic cycles and raw material costs. Analysts project earnings growth of 3.04% annually, with revenue forecasted to rise 3% to CN¥23.9 billion for fiscal 2025, driven by core snack resilience despite beverage headwinds.^[63] ^[64] The company maintains a dividend policy, with a proposed final payout for the year ended March 31, 2025, underscoring shareholder returns amid conservative valuation metrics trading at a discount to estimated fair value.^[65]

Recent Financial Results and Dividends (2024–2025)

For the fiscal year ended March 31, 2025, Want Want China Holdings Limited recorded revenue of RMB 23.51 billion, representing a 0.32% decline from RMB 23.59 billion in the fiscal year ended March 31, 2024.^[66] Despite the slight revenue contraction, attributable net profit rose 8.6% year-over-year to RMB 4.34 billion, yielding an improved profit margin of 18% compared to 17% in the prior year.^[67] Earnings per share increased to CNY 0.37.^[67] In the six months ended September 30, 2024—the first half of fiscal year 2026—attributable net profit grew 7.6% to RMB 1.863 billion, reflecting sustained profitability amid stable snack food demand in mainland China.^[68] Full revenue figures for this period were not detailed in announcements, but the results underscore operational resilience following the modest full-year revenue dip.^[69] The company maintains a consistent dividend policy, distributing a final cash dividend annually after year-end results. For the fiscal year ended March 31, 2025, directors proposed—and shareholders approved at the August 26, 2025 annual general meeting—a final dividend of USD 0.0204 per share (equivalent to approximately HKD 0.159), payable on September 18, 2025 to shareholders of record as of August 28, 2025 (ex-dividend date).^[70] ^[71] This payout corresponds to a yield of around 3% based on prevailing share prices, with a payout ratio near 80%.^[72] No interim dividend was declared for the period.^[73]

Political Stances and Controversies

Owner's Views on Cross-Strait Relations

Tsai Eng-meng, chairman of Want Want China Holdings, has publicly advocated for unification between Taiwan and mainland China. In a January 2012 interview with The Washington Post, he stated, "Whether you like it or not, unification is going to happen sooner or later," emphasizing his belief in the inevitability of closer integration despite opposition.^[74]^[75] This position aligns with his extensive business operations on the mainland, where Want Want maintains significant manufacturing facilities and derives a substantial portion of its revenue, prompting him to prioritize cross-strait economic ties.^[74] Tsai's views have influenced his media acquisitions, including the 2008 purchase of the China Times Group, which he has described as a means to foster positive perceptions of China among Taiwanese audiences and reduce barriers to cross-strait exchanges.^[9] He has argued that better understanding between the two sides would benefit Taiwanese businesses and people, reflecting a pragmatic stance rooted in his company's reliance on mainland markets.^[17] Critics, including Taiwanese independence advocates, have accused him of using these outlets to propagate pro-Beijing narratives, though Tsai maintains his intent is to promote mutual comprehension rather than political subservience.^[76] In recent years, Tsai's media group has participated in cross-strait forums emphasizing cultural and economic unity. For instance, at the June 2025 Cross-Strait Chinese Culture Summit in Beijing, representatives from Want Want China Times Media Group referred to Taiwan as part of "China," drawing condemnation from Taiwan's Mainland Affairs Council, which viewed the remarks as undermining the island's sovereignty.^[77]^[7] Tsai himself has attended events promoting media cooperation across the strait, such as a 2024 Beijing gathering where he endorsed joint efforts to shape public opinion favorably toward reunification.^[78] These actions underscore his consistent support for peaceful integration under a framework accepting China's rise, contrasting with Taiwan's official policy of maintaining the status quo.^[79]

Media Holdings and Allegations of Bias

Want Want Holdings Limited, through its subsidiary Want Want China Times Media Group, acquired Taiwan's China Times Group in November 2008 for NT$20.4 billion (approximately US$624 million at the time), thereby gaining ownership of the China Times newspaper, China Television (CTV), and Chung T'ien Television (CTiTV).^[80]^[35] The acquisition, led by Want Want chairman Tsai Eng-meng, expanded the conglomerate's portfolio beyond snacks into media, including the launch of Want Daily in 2008 as Taiwan's first newspaper focused on business reporting from a cross-strait perspective.^[81] Following regulatory approval by Taiwan's National Communications Commission (NCC) in 2012, Want Want consolidated control over these assets despite conditions imposed to preserve editorial independence.^[82] The media holdings have faced persistent allegations of pro-Beijing bias, with critics claiming they promote narratives favorable to the People's Republic of China (PRC), particularly on unification and cross-strait issues, often at the expense of balanced coverage of Taiwan's domestic politics.^[83] Reports from outlets including the Financial Times have alleged that Want Want-affiliated media receive direct editorial instructions from PRC entities such as the Taiwan Affairs Office, influencing content to align with Beijing's interests; these claims prompted libel lawsuits from Want Want against the reporting journalists, which advocacy groups have described as abusive attempts to suppress scrutiny.^[84]^[85] In response, Want Want and its outlets have denied any external interference, asserting that coverage reflects independent journalistic standards and accusing regulators and critics of political motivations tied to Taiwan's pro-independence factions.^[86] A key escalation occurred in November 2020, when the NCC declined to renew CTiTV's broadcasting license after documenting over 200 violations since 2017, including dissemination of disinformation—such as unsubstantiated claims about Taiwanese officials' corruption or PRC military threats—and coverage deemed systematically biased against the ruling Democratic Progressive Party (DPP) in favor of opposition Kuomintang (KMT) positions aligned with Beijing.^[87]^[86] CTiTV appealed the decision, arguing procedural flaws and lack of evidence for PRC influence, but the revocation stood, forcing the channel to cease operations and highlighting broader concerns over foreign sway in Taiwan's media environment amid rising PRC disinformation campaigns.^[86] Subsequent analyses, including from Taiwan's media watchdog and international observers, have linked such patterns to Want Want's ownership structure, where Tsai's personal advocacy for economic integration with the mainland reportedly shapes editorial direction, though empirical audits of content bias remain contested due to subjective interpretations of "disinformation."^[88]^[89]

Responses to Criticisms and Legal Challenges

Want Want Group chairman Tsai Eng-meng has consistently denied allegations of interfering with the editorial independence of his media outlets, such as CTiTV and China Times, attributing criticisms to misunderstandings of his pro-peace stance on cross-strait relations. In a 2020 legislative hearing on Want Want China Times' broadcasting license renewal, Tsai testified that he does not dictate news content and expressed sadness over reporters' reputational damage due to perceptions of his personal views influencing coverage.^[90] He emphasized that media operations remain separate from his snack business interests, rejecting claims of using outlets to advance mainland China ties.^[90] In response to broader accusations of pro-Beijing bias, Tsai has defended expressions of goodwill toward mainland China as pragmatic rather than partisan, questioning critics by asking, "What's wrong with peace?" during a 2012 interview amid backlash over his investments and media holdings.^[91] He argued that fostering economic and cultural ties benefits Taiwan's stability, dismissing portrayals of his position as unduly favorable to unification as politically motivated exaggerations.^[91] Regarding legal challenges, Want Want-affiliated media entities have pursued judicial remedies against regulatory actions by Taiwan's National Communications Commission (NCC). Following the NCC's 2020 decision to deny CTiTV's license renewal—citing repeated violations of fairness standards and alleged interference by Tsai—the station appealed to administrative courts, arguing the ruling infringed on free speech and lacked sufficient evidence of bias.^[92] The appeal sought reinstatement, framing the penalties as discriminatory against outlets with differing cross-strait perspectives, though the channel ceased broadcasting by late 2020 pending resolution.^[92] No major product-related or corporate governance lawsuits against Want Want China Holdings have been publicly resolved or prominently contested as of 2025, with the company's focus remaining on operational defenses rather than litigation. Tsai has maintained that regulatory scrutiny stems from ideological opposition rather than substantive misconduct, urging critics to prioritize evidence over assumptions of divided loyalties.^[90]

2025 Cross-Strait Event Investigation

In May 2025, executives from Want Want Holdings, including general manager Tsai Wang-ting, participated in the second Cross-Strait Chinese Culture Summit held in Beijing on May 28, where Tsai reportedly referred to Taiwan as part of "Taiwan, China" and echoed positions supportive of cross-strait integration under the Chinese Communist Party (CCP) framework.^[7]^[93] The event, attended by over 800 participants from both sides of the Taiwan Strait, was organized with involvement from Want Want-affiliated media outlets like China Times, which the Taiwanese government later alleged assisted the CCP in promoting united front tactics aimed at undermining Taiwan's sovereignty.^[94]^[9] Taiwan's Mainland Affairs Council (MAC), responsible for cross-strait policy under the Democratic Progressive Party (DPP) administration, issued a statement on June 1 condemning Want Want's actions as a deliberate disregard of prior warnings against participating in CCP-orchestrated events that advance unification propaganda.^[94] The MAC described the group's remarks and organizational role as harming Taiwan's national dignity and aligning with Beijing's strategies to co-opt Taiwanese businesses for political influence, prompting an investigation under the Act Governing Relations between the People of the Taiwan Area and the Mainland Area.^[7]^[93] This probe focused on potential violations including unauthorized promotion of CCP narratives and failure to report cross-strait activities, with specific scrutiny on China Times' delegation and funding ties to mainland operations.^[9] Want Want responded on June 3 by reaffirming its adherence to the "one China" principle, attributing the controversy to DPP political motivations rather than substantive legal breaches, and emphasizing that its cross-strait engagements prioritize business continuity in mainland China, where it maintains significant manufacturing and sales operations.^[95] Mainland Chinese state media, such as China Daily, criticized the MAC's probe as interference threatening economic ties, framing it as DPP suppression of pro-unification voices amid Taiwan's 2024 election aftermath.^[96] As of October 2025, the investigation remains ongoing, with no public resolution reported, though it has heightened scrutiny on Want Want's dual Taiwanese-mainland corporate structure and its owner's longstanding advocacy for closer cross-strait economic integration.^[7]^[93] The probe reflects broader tensions in Taiwan over business loyalty amid CCP influence operations, with MAC citing Want Want's history of media bias toward Beijing as context for heightened enforcement, while critics from pro-unification perspectives argue it exemplifies discriminatory treatment of enterprises reliant on mainland markets.^[94]^[95] No formal penalties have been imposed to date, but the case underscores regulatory risks for Taiwan firms under the Cross-Strait Act, which mandates approval for political activities across the strait and prohibits actions detrimental to national security.^[93]

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The company involved in manufacturing, distributing and marketing of rice crackers, dairy products, beverages, snack foods and other related products.
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China snack maker Want Want profit beats forecast, shares up ...
Want Want, which was established in Taiwan and entered the mainland market in 1992, had said last August that it was in the process of setting up a food ...<|control11|><|separator|>
[25]
Yappy Power: Greater China Snack Billionaire Eyes Global Growth ...
Sep 9, 2021 · Tsai moved into China in 1992, and, switching his focus to mainland ... Want Want China entered the yoghurt market two years ago; the ...
[26]
Chinese rice cracker maker Want Want mulling investment in Malaysia
Aug 21, 2024 · Although it started out as a rice cracker manufacturer, Want Want's bestseller in China is its Hot-Kid milk-flavoured drink. This product is not ...
[27]
Want Want set to be 'one of the greatest brands in Chinese history'
Jun 13, 2018 · The chairman and CEO of Chinese rice crackers maker Want Want Holdings, Tsai Eng-Ming, has declared the company could become 'one of the greatest brands in ...Missing: founder | Show results with:founder
[28]
https://swotanalysisexample.com/blogs/how-it-works/want-want-how-it-works
[29]
Billionaire's Snack Flagship Changes Growth Recipe As China Pace ...
Apr 20, 2024 · Want Want China aims to expand beyond China, boost sales of low-alcohol beverages and promote private label business, executive director ...
[30]
Chinese rice cracker giant Want Want eyeing on investment in ...
Oct 4, 2024 · The plant has a production output value of US$150 million. Want Want aims to launch more variety of snack products in Malaysia and in ...
[31]
China Times Joins a Snack-food Empire - CommonWealth Magazine
Mar 5, 2009 · On Nov. 3, 2008, Want Want Holdings chairman Tsai Eng-meng wrested ownership of the China Times Group, in his own name, from its main suitor at ...
[32]
Want Want billionaire picks up China Times | Media - Campaign Asia
Nov 13, 2008 · According to local reports, the deal is worth NT$20.4 billion (US$622 million), although a source called the figure “vastly inflated”. Instead, ...
[33]
China's Snack King Buys TV Broadcaster - Forbes
Oct 27, 2010 · Tsai's foray into the media market started in 2008, when he used private funds to buy the China Times Group that owns two TV channels, two ...<|separator|>
[34]
Want Want boss set to purchase China Times Group|Hong Kong
Nov 5, 2008 · It was reported by Taipai-based Economic Daily on Tuesday that Want Want China planned to buy China Times Group for NT$20.4 billion ($673.2 ...Missing: assets | Show results with:assets
[35]
China Times Group is sold to Want Want - Taipei Times
Nov 5, 2008 · Want Want China said it had no plans to invest in the media group, nor to take over operations after the deal is completed, the statement said.Missing: assets | Show results with:assets
[36]
Want Want-Led Group to Acquire China Network From MBK
Oct 26, 2010 · Want Want's Tsai bought a stake in Hong Kong's Asia Television last year and acquired Taiwan's China Times Group, owner of at least two ...
[37]
Want Want cleared to buy CNS TV arm - Taipei Times
Jul 26, 2012 · The transaction is valued at NT$76 billion (US$2.52 billion), which the Financial Times has characterized as the largest media purchase in ...Missing: details | Show results with:details
[38]
Jimmy Lai sells Next Media's Taiwan assets for US$600m
Nov 28, 2012 · Next Media will sell its Taiwan print assets to four investors including Want Want Chinatimes Group President Tsai Shao-Chung, William Wong ...Missing: acquisition | Show results with:acquisition
[39]
Want Want's Tsai behind Next Media bid: report - Taipei Times
Next Media Group chairman Jimmy Lai had said he decided to sell four media outlets after ensuring that none of the funding came from Tsai. By ...
[40]
Production information - Got Rice! - Want-Want
The secret to making our rice crackers so tasty is that we use 100% japonica rice from the east of Taiwan, where rice grows with pure water.
[41]
Want-Want Senbei & Snacks
$$14 delivery 15-day returnsWant Want Senbei Rice Crackers Family Pack (520g). $8.49 ; Want Want Shelly Senbei Rice Crackers Family Pack (520g). $8.49 ; Want Want Yogurt Drink Tetra Pak Gift ...
[42]
https://shop.want-want.com.tw/en/categories/vegan-snacks
[43]
Fried Rice Crackers - Want-Want North America
$$14 delivery 15-day returnsWant Want Crunchy Senbei Rice Crackers (155g). $4.49 ; Want Want Fried Rice Cracker (135g). $2.99 ; Want Want Golden Rice Cracker Bites, Chicken Flavor (160g).Missing: core | Show results with:core
[44]
wantwant
$$14 delivery 15-day returnsLonely God Potato Twists, Tomato Flavor (70g). $1.99 ; Lonely God Potato Twists, Veggie Flavor (70g). $1.99 ; Want Want Ball Cake, Honey Flavor (210g). $3.59Missing: core offerings
[45]
[PDF] 2010中期報告
Sep 2, 2010 · rice crackers, dairy products and beverages, snack foods and other products. The chief operating decision-maker assesses the performance of ...
[46]
2. Beverage - Want-Want North America
$$14 delivery 15-day returnsWant Want Yogurt Drink Tetra Pak Gift Pack (20 x 125ml). $15.99 ; Want Want Milk Flavored Drink (6 x 245ml). $10.49 ; Want Want Milk Flavored Drink Tetra Pak (4 x ...Missing: Group | Show results with:Group
[47]
Want Want launches new sugar-free tea | FoodTalks
Aug 6, 2025 · Want Want's new sugar-free tea is bottled in 500ml bottles. It comes in two flavors: Want Want Ming Xiang Narcissus Oolong and Want Want Ming ...
[48]
Beverage - Milk Drink
WANT WANT 10-POINT MILK TEA – LESS FAT · WANT WANT 10 POINTS ORANGE FLAVORED FRUIT MILK 125ML · Nutritious drink Want Want Yogurt Drink Yogurt Flavor · Nutritious ...
[49]
Want Want (Hot-kid) - Winford Foods
Want-Want (Hot Kid) ; Mixed Fruit · W60069 · 12x400g ; Orange & Pineapple · W60068 · 12x400g ; Peach · W60067 · 12x400g ; Jelly Drink -Mixed · W61814 · 8x750g.
[50]
[PDF] Untitled
Want Want's Factory” (旺旺工廠「趣」揭秘) featuring Want. Want's production sites and manufacturing processes, with an aim to building a closer relationship ...
[51]
[PDF] Untitled
million for expansion of factory buildings and facilities including plant and equipment and upgrade of some of the old plant and production facilities for.
[52]
Want Want China Holdings Limited Insider Trading & Ownership ...
Top Shareholders ; Eng-Meng Tsai. 52.3% · 6,169,478,100 ; Iwatsuka Confectionery Co., Ltd. 5.15% · 608,434,480 ; Wen-Hsien Cheng. 3.92% · 463,162,640 ; BlackRock, Inc.
[53]
Want Want China Holdings Ltd: Executives - GlobalData
Tsai Eng-Meng has been the Chairman and Chief Executive Officer of the company since 1987. He has over 40 years of experience in food and beverage industry.Missing: structure | Show results with:structure<|separator|>
[54]
https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1024/2025102400530.pdf
[55]
https://www.marketwatch.com/investing/stock/wwntf/company-profile
[56]
Governance Want Want China Holdings Limited
Composition of the Board of Directors: Want Want China Holdings Limited ; Eng-Meng Tsai. 68 year. Chairman, 09/09/2011 ; Ker Wei Pei. 68 year. Governance ...
[57]
Want Want China Holdings Ltd, 151:HKG profile - Markets data
Want Want China Holdings Ltd is a China-based investment holding company principally engaged in food-related businesses. The Company operates its businesses ...<|separator|>
[58]
Want Want China Stock Price Today | HK: 0151 Live - Investing.com
The Want Want China stock price today is 5.26. What Is the Stock Symbol for Want Want China? The stock ticker symbol for Want Want China is 0151. Is 0151 the ...
[59]
151: Want Want China Holdings Ltd Stock Price Quote - Hong Kong
Open. 5.23 ; Prev. Close. 5.18 ; Volume. 4,340,900.00 ; Market Cap. 62.084B ; Day Range. 5.18–5.29.
[60]
Want Want China Stock Price Today | HK 0151
Want Want China (0151) ; Average Volume (3m). 5.13M ; 1-Year Change. 3.18% ; Fair Value. Unlock ; Fair Value Upside. Unlock ; Summary. Strong Sell. Sell. Neutral.
[61]
00151 Stock Price Quote | Morningstar
Want Want China: Dairy Segment a Near-Term Drag, but Long-Term Growth Drivers Remain Intact. China's dairy sector continues to face pressure in 2025 due to ...
[62]
WANT WANT CHINA (0151.HK) Stock Historical Prices & Data
Discover historical prices for 0151.HK stock on Yahoo Finance. View daily, weekly or monthly format back to when WANT WANT CHINA stock was issued.
[63]
Want Want China Holdings (SEHK:151) - Stock Analysis
Rating 4/6 · Review by Simply Wall StWant Want China Holdings (151) Stock Overview ; Trading at 55% below our estimate of its fair value ; Earnings are forecast to grow 3.04% per year ; Earnings have ...
[64]
https://swotanalysisexample.com/blogs/growth-strategy/want-want-growth-strategy
[65]
Want Want China Holdings Limited Stock (151) - Quote Hong Kong ...
Want Want China Holdings Limited Reports Earnings Results for the Full Year Ended March 31, 2025. Jun. 24 CI. Want Want China Holdings Limited Proposes Final ...
[66]
Want Want China Holdings (HKG:0151) Revenue - Stock Analysis
Want Want China Holdings had annual revenue of 23.51B CNY, down -0.32%. Want Want China Holdings had revenue of 12.63B in the half year ending March 31, 2025, ...Missing: 2000 | Show results with:2000
[67]
Want Want China Holdings Full Year 2025 Earnings: EPS: CN¥0.37 ...
Jun 24, 2025 · Key Financial Results · Revenue: CN¥23.5b (flat on FY 2024). · Net income: CN¥4.34b (up 8.6% from FY 2024). · Profit margin: 18% (up from 17% in FY ...Missing: FY2025 | Show results with:FY2025<|control11|><|separator|>
[68]
<Results>WANT WANT CHINA (00151.HK) Interim NP Surges 7.6 ...
Nov 24, 2024 · WANT WANT CHINA (00151.HK) announced its interim results for the period ended September 2024. Its net profit surged 7.6% YoY to RMB1.863 ...
[69]
Want Want China's Attributable Profit Rises 8% in Six Months to ...
Nov 25, 2024 · Want Want China Holding recorded a profit attributable to equity holders of 1.86 billion yuan for the six months ended Sept. 30, 7.6% higher ...
[70]
Want Want China Holdings Limited Approves Final Dividend for the ...
Aug 26, 2025 · Want Want China Holdings Limited, at the AGM held on 26 August 2025 approved a final dividend of USD 2.04 cents per share for the year ended 31 ...
[71]
Want Want China Holdings Limited Proposes Final Cash Dividend ...
Jun 24, 2025 · Want Want China Holdings Limited proposed a final cash dividend of USD 0.0204 per share for the financial year ended 31 March 2025.
[72]
Want Want China Holdings (0151) Dividend Date & History - TipRanks
Rating 3.0 (975) Dividend Data ; Last Ex-Dividend DateAug 28, 2025 ; Dividend Amount Per ShareHK$0.159 ; Dividend Yield3.07% ; Payout Ratio80.43% ; Dividend Growth 2 months.
[73]
Want Want China Holdings (HKG:0151) Dividend History, Dates ...
Want Want China Holdings Dividend Information ; Dividend Yield. 3.06% ; Annual Dividend. 0.16 HKD ; Ex-Dividend Date. Aug 28, 2025 ; Payout Frequency. Semi-Annual.
[74]
Tycoon prods Taiwan closer to China - The Washington Post
Jan 21, 2012 · Tsai Eng Meng, a local billionaire who spends most of his time in China, jumped in his Gulfstream 200 corporate jet and flew home to cast his vote.
[75]
Red Media and CCP's Influence Operations: How Taiwanese Media ...
Jul 9, 2019 · Tsai explicitly supported unification between China and Taiwan during an interview with Washington Post in 2012 and said, “Whether you like ...
[76]
Billionaire's Media Push Tests The Toughness Of A Taiwan ... - Forbes
Aug 6, 2014 · Taiwan snack billionaire Tsai Eng-Meng isn't a man that bruises easily. He took over his father's canned fish business in the 1970s and built up his own ...
[77]
Mainland Affairs Council slams Want Want's 'Taiwan, China' remark
Jun 2, 2025 · The Mainland Affairs Council on Sunday condemned Want Want China Times Media Group for suggesting Taiwan is a part of China at the Cross-Strait Chinese Culture ...Missing: controversy | Show results with:controversy
[78]
Cross-Strait media representatives gather in Beijing to discuss ...
Nov 1, 2024 · The representatives from Taiwan, including Tsai Eng-meng, chairman of the Want Want China Times Media Group, agreed that cross-Strait media ...
[79]
Taiwan: Beijing's Global Media Influence Report | Freedom House
... Taiwan's richest men, Tsai Eng-meng. He is in favor of unification and controls an influential media conglomerate in the country, Want Want China Times ...
[80]
Taiwan's China Times publisher changes ownership - China Daily
... Want Want. Tsai and his family bought the group for 20.4 billion new Taiwan dollars ($624 million), according to local media reports. The purchase agreement ...
[81]
Want Want China - LinkedIn
“Want Want「旺旺」” trademark has been registered and adopted since 1983. In the early 90s, Want Want ventured into Mainland China and commenced its operations.Missing: transition | Show results with:transition
[82]
China Times owner hits out at regulator | Media | Campaign Asia
The NCC approved Want Want Holdings' purchase of the China Times Group, initiated last November, but the regulator's decision is contingent on changes in ...
[83]
The China Factor in Taiwan's Media - OpenEdition Journals
Several Taiwanese media companies are selected as the subjects, including the Want Want-China Times Media Group, United Daily News (UDN), Sanlih E‑Television ( ...
[84]
Journalist sued for exposing Chinese meddling in Taiwan media
Libel suit against journalist. Taiwanese conglomerate Want Want China Times Media Group filed an abusive libel suit against @FinancialTimes correspondent ...
[85]
Assessing Taiwan's Media Landscape and PRC Influence, Part One
Jul 12, 2023 · Multiple sources, including the Financial Times, have also reported that employees at Want Want Media receive direct instructions from the TAO.<|separator|>
[86]
Cross-strait shadows: Inside the Chinese influence campaign ...
Apr 25, 2025 · However, they pointed to Want Want Group chairman Tsai Eng-meng's pro-China stance, suggesting that CTiTV's editorial direction may already be ...Missing: views | Show results with:views
[87]
Taiwan: Pro-Chinese cable news TV licence rejected over ...
Nov 23, 2020 · Taiwan's media regulator announced on November 18 it would not renew the broadcast licence of Chung T'ien Television (CTiTV) over disinformation claims.
[88]
Taiwan Shaken by Concerns Over Chinese Influence in Media ...
Jul 27, 2019 · Want Want China Times, a Taiwanese media group long rumored to be closely linked to Beijing, is suing the Financial Times for libel over a ...
[89]
Taipei Music Controversy Reflects Increasing Allegations of ...
Jul 15, 2023 · Nevertheless, one of the underlying issues at hand was allegations that CtiTV and other Want Want Group-owned outlets were accepting funding or ...
[90]
Want Want's Tsai denies meddling with CTi News - Taipei Times
Oct 27, 2020 · Tsai said that many people tried to dissuade him from attending the hearing after he was targeted in a hearing on Want Want China Times' bid to ...
[91]
Taiwan Rich List's New No. 1 Tsai Eng-Meng Answers Critics - Forbes
May 23, 2012 · Yet back in Taiwan, Tsai has been criticized for his personal investments in media and expressions of goodwill about the mainland. I talked to ...
[92]
Pro-Beijing CTiTV Goes Off Air in Taiwan, Seeks Court Reversal
Dec 14, 2020 · The NCC accused Tsai of interfering with the station's editorial independence and the channel of violating media regulations on multiple ...
[93]
Gov't to probe China Times role in Beijing event - Focus Taiwan
Jun 2, 2025 · The MAC, which supervises Taiwan's cross-strait policy, said the remarks made by the Want Want Group executives at the summit aligned with ...
[94]
Will Pursue Investigation in Accordance with the Cross-Strait Act
Jun 1, 2025 · In pursuit of its business interests in mainland China, the Want Want Group assisted the CCP in organizing the “Cross-Strait Chinese Culture ...
[95]
Taiwan media group reiterates stand on one China
Jun 3, 2025 · The DPP's announcement of an investigation came after Want Want Holdings general manager Tsai Wang-ting's remarks at the second Cross-Strait ...
[96]
Mainland rips DPP for threatening summit attendees - China Daily HK
Jun 4, 2025 · At the second Cross-Strait Chinese Culture Summit, held on May 28 in Beijing and attended by more than 800 cultural representatives from both ...<|separator|>