Taiwan Snack King Positive aspects Amid China Financial Restoration

Gross sales and revenue at Taiwan-headquartered Need Need China Holdings posted double-digit good points within the six months to September amid financial restoration in mainland China, its most important market.

Need Need, lead by Taiwan’s second-richest man Tsai Eng-Meng, stated on Thursday gross sales elevated by 10.7% to 10.three billion yuan, or $1.5 billion; internet revenue rose by 20.9% to 1.9 billion yuan.  (See particulars right here.)

Hong Kong-traded shares in Need Need, which competes in China with the likes of Pepisco, rose by 4.6% to a three-month excessive of HK$5.67 after the earnings announcement.

Need Need’s good points comply with mainland China’s success — no less than for now – in insulating its economic system from the worst of the worldwide pandemic. After a year-on-year decline earlier this yr, GDP elevated by 4.9% within the third quarter, in keeping with the federal government. Crowded airport buses, cramped subways and plenty of components of pre-pandemic life are again to regular or practically so in main cities comparable to Shanghai, although public transport customers put on face masks.

Tsai has a fortune value $5.eight billion on the Forbes Actual-Time Billionaires Checklist in the present day. Taiwan’s richest man is Terry Gou, founding father of Hon Hai Precision, whose fortune is value an estimated $6.7 billion in the present day.

Tsai, 63, took over his father’s meals enterprise at age 19, and got here up with an thought for a brand new merchandise: crackers produced from rice flour. Need Need China has since turned itself into one of many world’s largest makers of Chinese language-style drinks and snacks. 

The corporate went public in Singapore in 1996; delisted there in 2007, and went public once more in Hong Kong in 2008. Sons Wang-Chia and Kevin, together with nephew Cheng Wen-Hsien, are members of Need Need’s board of administrators.

The household’s media enterprise, which isn’t a part of Need Need China, suffered a setback this week when a Taiwan regulator determined to not renew a license for a information channel (see hyperlink right here).

See associated story right here:

China’s 400 Richest: Mainland Wealth Soars Amid Pandemic


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