Want Want
{{Short description|Taiwanese food product company}}
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| industry = Food and drink; media
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| founded = {{Start date and age|1962}}
| founder = Jonathan Shuai Qiang Ng
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| key_people = Tan Swee Ling{{cite web | url=https://www.bloomberg.com/profile/company/WANT:SP | title=Want Want Holdings Ltd - Company Profile and News | website=Bloomberg News | access-date=2021-02-08 }}
(Board member)
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Want Want Holdings Limited (Want Want; {{zh|c=旺旺集團有限公司|p=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.{{Cite news|date=2014-08-24|title=Taiwan's Wei family to buy cable TV operator CNS for $2.4 bln -source|language=en|work=Reuters|url=https://www.reuters.com/article/cns-mbk-idUSL3N0QU0BC20140824|access-date=2021-01-26|archive-date=2022-06-13|archive-url=https://web.archive.org/web/20220613082759/https://www.reuters.com/article/cns-mbk-idUSL3N0QU0BC20140824|url-status=live}}{{Cite web|date=2008-11-05|title=China Times Group is sold to Want Want - Taipei Times|url=https://www.taipeitimes.com/News/biz/archives/2008/11/05/2003427822|access-date=2021-01-26|website=www.taipeitimes.com|archive-date=2021-02-26|archive-url=https://web.archive.org/web/20210226074951/http://www.taipeitimes.com/News/biz/archives/2008/11/05/2003427822|url-status=live}} 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.{{Cite web|last=bakeryandsnacks.com|title=Want Want Holdings set to be 'one of the greatest brands in Chinese history'|url=https://www.bakeryandsnacks.com/Article/2018/06/13/Want-Want-set-to-be-one-of-the-greatest-brands-in-Chinese-history|access-date=2021-02-11|website=bakeryandsnacks.com|date=13 June 2018|language=en-GB|archive-date=2022-06-13|archive-url=https://web.archive.org/web/20220613082816/https://www.bakeryandsnacks.com/Article/2018/06/13/Want-Want-set-to-be-one-of-the-greatest-brands-in-Chinese-history|url-status=live}} It operates over 100 manufacturing plants in mainland China and 2 in Taiwan, and employs over 60,000 people.{{Cite web|url=http://www.asiamedia.ucla.edu/article.asp?parentid=100385|title=TAIWAN: China Times Group is sold to Want Want|access-date=2009-02-23|archive-date=2012-02-13|archive-url=https://web.archive.org/web/20120213160032/http://www.asiamedia.ucla.edu/article.asp?parentid=100385|url-status=dead}}
History
File:I Lan Foods HQ 20150811.jpg
In 1962, Want Want began operations in the name of I Lan Foods Industrial Company Limited ({{zh|c=宜蘭食品工業股份有限公司|labels=no}}) in Yilan County, Taiwan, which manufactured canned agricultural products. It was founded by Tsai Eng-meng's father, Jonathan Shuai Qiang Ng.{{citation needed|date=November 2019}}
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.{{Cite web|title=Forbes: The Snack King of China - Want Want|url=https://chutzpah.typepad.com/slow_movement/2009/11/forbes-the-snack-king-of-china-want-want.html|access-date=2021-02-08|website=SLOW Movement|archive-date=2021-12-03|archive-url=https://web.archive.org/web/20211203083938/https://chutzpah.typepad.com/slow_movement/2009/11/forbes-the-snack-king-of-china-want-want.html|url-status=live}}
In 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.{{Cite web|title=Rise of the new media moguls|url=https://www.scmp.com/article/1004719/rise-new-media-moguls|date=23 June 2012|website=South China Morning Post|language=en|access-date=30 May 2020|archive-date=24 February 2021|archive-url=https://web.archive.org/web/20210224220729/https://www.scmp.com/article/1004719/rise-new-media-moguls|url-status=live}} 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}}.{{Cite web|title=Extending His Reach|url=https://www.forbes.com/global/2009/1019/companies-want-want-tsai-eng-meng-extending-his-reach.html|last=Flannery|first=Russell|date=9 October 2009|website=Forbes|language=en|access-date=30 May 2020|archive-date=1 January 2016|archive-url=https://web.archive.org/web/20160101211656/http://www.forbes.com/global/2009/1019/companies-want-want-tsai-eng-meng-extending-his-reach.html|url-status=live}}
In 1987, it became the first Taiwanese operator to apply for a trademark in China with the registration of the "Want Want". In 1992, it started 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|date=November 2019}}
In 2007, Want Want Holdings Pte Ltd was delisted from the Singapore Stock Exchange.{{Cite web |url=http://www.bizchina-update.com/content/view/628/2/ |title=Schenker-BAX Merger Completed, Want Want Plans HK IPO |access-date=2009-02-23 |archive-date=2008-03-28 |archive-url=https://web.archive.org/web/20080328031732/http://www.bizchina-update.com/content/view/628/2/ |url-status=usurped }} In 2008, its subsidiary, Want Want China Holdings Limited, was listed on the Hong Kong Stock Exchange.[http://www.flex-news-food.com/pages/15171/China/Snack/Taiwan/want-want-shares-fall-hong-kong-debut.html Want Want Shares Fall in Hong Kong Debut]{{Cite web|url=http://www.irasia.com/listco/sg/wantwant/profile.htm|title=Want Want Holdings Ltd|access-date=2009-02-23|archive-date=2008-12-08|archive-url=https://web.archive.org/web/20081208211848/http://www.irasia.com/listco/sg/wantwant/profile.htm|url-status=live}}
In 2008, Want Want China Holdings Ltd. was listed on the Main Board of the Hong Kong Stock Exchange Limited. HKEX STOCK CODE 0151. In 2011, Want-Want China Holdings Ltd. was ranked one of the top choice of stocks to buy on the Hang Seng index.
In 2009, Want Want purchased China Times, as well as China Television (CTV) and CtiTV in 2009.{{Cite book|last1=Burrett|first1=Tina|url=https://books.google.com/books?id=i0i8DwAAQBAJ&q=Tsai+Eng+Meng%27s+son+in+want+want+advertisement&pg=PT124|title=Press Freedom in Contemporary Asia|last2=Kingston|first2=Jeffrey|date=2019-11-05|publisher=Routledge|isbn=978-0-429-01303-4|language=en}}
Want Want has been described as part of Taiwan's conservative camp with the Kuomintang.{{cite book |author1=Jeffrey Kingston |url=https://books.google.com/books?id=i0i8DwAAQBAJ&dq=%22conservative%22+%22Want+Want%22&pg=PT125 |title=Press Freedom in Contemporary Asia |author2=Tina Burrett |date=November 5, 2019 |publisher=Taylor & Francis |isbn=978-0-429-01303-4 |quote=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.}}
Controversy
Want Want has faced repeated accusations of close links to the Chinese Communist Party{{cite web |last1=Aspinwall |first1=Nick |title=Taiwan Shaken by Concerns Over Chinese Influence in Media, Press Freedom |url=https://thediplomat.com/2019/07/taiwan-shaken-by-concerns-over-chinese-influence-in-media-press-freedom/ |url-status=live |archive-url=https://web.archive.org/web/20200107034440/https://thediplomat.com/2019/07/taiwan-shaken-by-concerns-over-chinese-influence-in-media-press-freedom/ |archive-date=7 January 2020 |access-date=24 November 2019 |website=The Diplomat |publisher=}} and has received subsidies from the Chinese government.{{Cite news |last=Kawase |first=Kenji |date=April 30, 2019 |title=Chinese subsidies for Foxconn and Want Want spark outcry in Taiwan |url=https://asia.nikkei.com/Business/Companies/Chinese-subsidies-for-Foxconn-and-Want-Want-spark-outcry-in-Taiwan |url-status=live |archive-url=https://web.archive.org/web/20200427175212/https://asia.nikkei.com/Business/Companies/Chinese-subsidies-for-Foxconn-and-Want-Want-spark-outcry-in-Taiwan |archive-date=April 27, 2020 |access-date=August 12, 2020 |work=The Nikkei}} The Financial Times reported that these ties include coordination with the Chinese government's Taiwan Affairs Office.{{cite web |last1=Kurlantzick |first1=Joshua |author-link=Joshua Kurlantzick |date=November 7, 2019 |title=How China Is Interfering in Taiwan's Election |url=https://www.cfr.org/in-brief/how-china-interfering-taiwans-election |url-status=live |archive-url=https://web.archive.org/web/20191129042946/https://www.cfr.org/in-brief/how-china-interfering-taiwans-election |archive-date=29 November 2019 |access-date=24 November 2019 |website=Council on Foreign Relations |publisher=}}{{Cite web |title=Taiwan primaries highlight fears over China's political influence |url=https://www.ft.com/content/036b609a-a768-11e9-984c-fac8325aaa04 |url-access=subscription |access-date=2024-07-11 |website=Financial Times |archive-date=2021-03-24 |archive-url=https://web.archive.org/web/20210324175916/https://www.ft.com/content/036b609a-a768-11e9-984c-fac8325aaa04 |url-status=live }} Want Want subsequently sued the Financial Times correspondent for libel, which Reporters Without Borders called an "abusive" lawsuit.{{Cite web |date=2019-07-24 |title=Taiwan: Abusive libel suit against Financial Times correspondent |url=https://rsf.org/en/taiwan-abusive-libel-suit-against-financial-times-correspondent |access-date=2024-07-11 |website=Reporters Without Borders |language=en |archive-date=2024-03-04 |archive-url=https://web.archive.org/web/20240304135009/https://rsf.org/en/taiwan-abusive-libel-suit-against-financial-times-correspondent |url-status=live }}
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.{{cite web |last1=Sakkal |first1=Paul |last2=Tobin |first2=Grace |last3=McKenzie |first3=Nick |date=22 November 2019 |title=The moment a Chinese spy decided to defect to Australia |url=https://www.theage.com.au/national/the-moment-a-chinese-spy-decided-to-defect-to-australia-20191122-p53d0x.html |url-status=live |archive-url=https://web.archive.org/web/20191123145223/https://www.theage.com.au/national/the-moment-a-chinese-spy-decided-to-defect-to-australia-20191122-p53d0x.html |archive-date=23 November 2019 |access-date=24 November 2019 |website=The Age |publisher=}} The Want Want China Times Group denied these allegations.{{cite web |last1=Strong |first1=Matthew |date=23 November 2019 |title=Taiwan TV stations reject defector's allegations of China funding |url=https://www.taiwannews.com.tw/en/news/3823353 |url-status=live |archive-url=https://web.archive.org/web/20191128083957/https://www.taiwannews.com.tw/en/news/3823353 |archive-date=28 November 2019 |access-date=24 November 2019 |work=Taiwan News}}{{Cite news |date=2020-12-10 |title=Taiwan TV station in media freedom row gets internet boost |url=https://www.reuters.com/article/us-taiwan-media-idUSKBN28K0FT |url-status=live |archive-url=https://web.archive.org/web/20201222233200/https://www.reuters.com/article/us-taiwan-media-idUSKBN28K0FT |archive-date=2020-12-22 |access-date=2021-02-08 |work=Reuters |language=en}}
See also
References
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