ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Consumer Non-Durables

Want Want China Holdings Ltd.

Company Background

Want Want China Holdings is a Taiwanese confectionery company headquartered in Shanghai, China. It offers a wide array of products ranging from snack foods such as gummies to baby milk powder and other dairy products. It holds an about 80% share of the rice cracker market, taking advantage of technical assistance provided by the Japanese company Iwatsuka Confectionery. Want Want China was listed on the Hong Kong Stock Exchange in 2008.

The predecessor of Want Want China was a Taiwan-based food manufacturing factory opened in 1962 by the father of Tsai Eng-meng, Want Want China's current chairman. At the age of 19, Tsai succeeded his father in the business. When he was 24, he visited Japan to meet Iwatsuka's founder Keisaku Maki to ask for technical assistance. Want Want China started growing dramatically from 1983, when Maki agreed to provide technical support.

Rice crackers are the company's core business. Technical staff sent by Iwatsuka guide employees on how to select materials and manage facilities. Implementation of strict quality control has helped the company gain customer confidence in China, where food safety problems have often occurred.

Want Want China has more than 100 factories and over 300 sales offices throughout China. With a sales force of more than 10,000, the company has extended its marketing reach deeply into the country's interior, including the Xinjiang Uighur Autonomous Region and Qinghai Province. It generates 80% of its total sales from regional small enterprises, such as privately owned shops.

The company is working to strengthen its dairy products division as a way to diversify its operations further. As such, it has tied up with the Japanese company Morinaga Milk Industry. While the Chinese market makes up approximately 80% of its rice cracker sales, the company will have to focus more other markets for growth.

Business Summary

Want Want China Holdings Ltd. is an investment holding company, which engages in the manufacture, distribution & sale of food and beverages. It operates through the following segments: Rice Crackers, Dairy Products and Beverages, Snack Foods, and Other Products. The Rice Crackers segment manufactures sugar coated crackers, savory crackers, and fried crackers. The Dairy Products and Beverages segment includes flavored milk, yogurt drinks, ready-to-drink coffee, carbonated drinks, herbal tea, and milk powder. The Snack Foods segment comprises of candies, popsicles and jellies, ball cakes, beans, and nuts. The Other Products segment consists of mainly wine and other food products. The company was founded on October 3, 2007 and is headquartered in Shanghai, China.

Financial Highlights

Mar 2022 HKDUSD
Gross Profit12,654.17M1,625.56M
Operating income5,918.97M760.35M
Income before tax6,958.75M893.92M
Net income5,097.99M654.89M
Diluted EPS0.420.05
Dividends Per Share0.220.02
Total Assets36,863.64M4,707.15M
Total liabilities16,234.43M2,072.99M
Total equity20,536.38M2,622.31M
Operating cash flow4,856.27M623.84M
Currency in HKDCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 23,890.39M 24,201.23M 22,545.59M 25,154.70M 29,094.66M
Gross Profit 10,293.14M 10,647.54M 10,468.42M 11,743.35M 12,654.17M
Operating income 4,188.53M 4,766.01M 4,914.27M 5,862.01M 5,918.97M
Income before tax 5,067.77M 5,622.36M 5,668.38M 6,857.39M 6,958.75M
Net income 3,671.49M 4,062.27M 4,094.33M 4,754.36M 5,097.99M
EBITDA 5,231.53M 5,730.21M 5,929.03M 6,937.42M 7,061.10M
Diluted EPS 0.29 0.32 0.32 0.38 0.42
Dividends Per Share 0.14 0.23 0.23 0.16 0.22
Total Assets 33,284.64M 34,896.66M 32,590.90M 37,055.26M 36,863.64M
Total liabilities 15,058.93M 16,837.84M 15,812.76M 19,298.40M 16,234.43M
Total equity 18,072.65M 17,944.88M 16,689.04M 17,670.68M 20,536.38M
Operating cash flow 6,265.04M 5,086.58M 5,436.35M 6,201.75M 4,856.27M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 3,059.21M 3,086.06M 2,884.31M 3,244.63M 3,737.52M
Gross Profit 1,318.05M 1,357.74M 1,339.24M 1,514.74M 1,625.56M
Operating income 536.35M 607.74M 628.69M 756.12M 760.35M
Income before tax 648.93M 716.94M 725.17M 884.51M 893.92M
Net income 470.14M 518.00M 523.79M 613.25M 654.89M
EBITDA 669.90M 730.70M 758.51M 894.83M 907.07M
Diluted EPS 0.03 0.04 0.04 0.04 0.05
Dividends Per Share 0.01 0.02 0.03 0.02 0.02
Total Assets 4,241.01M 4,445.46M 4,204.78M 4,766.28M 4,707.15M
Total liabilities 1,918.75M 2,144.96M 2,040.12M 2,482.28M 2,072.99M
Total equity 2,302.75M 2,285.98M 2,153.17M 2,272.91M 2,622.31M
Operating cash flow 802.25M 648.62M 695.48M 799.94M 623.84M

Valuation Measures

Mar 2022
Operating margin20.34%
Profit margin17.52%

Key executives

  • Chairman & Chief Executive Officer: Eng-Meng Tsai
  • COO, Executive Director, VP-Dairy & Beverages: Wang Chia Tsai
  • Chief Financial Officer & Executive Director: Chi Wen Chu
  • Managing Director-Research & Development Center: Chun-Chiang Chen
  • Managing Director-Information Technology Center: Hung-Hsing Ting


  • TSAI ENG MENG (53.1%)
  • Top Quality Group Ltd. (14.6%)
  • Iwatsuka Confectionery Co., Ltd. (5.1%)
  • CHENG WEN HSIEN (3.8%)
  • The Vanguard Group, Inc. (0.9%)
  • BlackRock Fund Advisors (0.9%)
  • TSAI SHAO CHUNG (0.8%)
  • TSAI WANG CHIA (0.8%)
  • TAI WANG JUNG (0.8%)
  • Allspring Global Investments LLC (0.6%)

Contact Details

Related Companies

  • Zhong Want Holdings Ltd.
  • Zhejiang Yuan-Want Trading Co., Ltd.
  • Zhejiang Want Want Foods Ltd.
  • Zhejiang Ru-Want Foods Ltd.
  • Xinjiang Ru-Want Dairy Ltd.
  • Xining Want Want Foods Ltd.
  • Wellstand Singapore Pte Ltd.
  • Want Want Vietnam Trading Co., Ltd.
  • Want Want Vietnam Holdings Pte Ltd.
  • Want Want Vietnam Co., Ltd.
  • Want Want Thailand Holdings Pte Ltd.
  • Want Want Philippines Holdings Pte Ltd.
  • Want Want Corp.
  • Shuangcheng Rimalt Foods Ltd.
  • Shenyang Rice-Want Cereals & Oils Ltd.
  • Shanghai Want Want Trading Ltd.
  • Shanghai Want-Want Network Technology Co., Ltd.
  • Shanghai Hao-Want Network Technology Co., Ltd.
  • Shanghai Want Want Foods Group Co., Ltd.
  • Shanghai Fuwang Culture Communication Co., Ltd.
  • Shanghai Ruwang Electronic Commerce Co., Ltd.
  • Shanghai Lee-Want Foods Ltd.
  • Shanxi Want Want Trading Ltd.
  • Ningxia Ming-Want Dairy Ltd.
  • Nanjing Rimalt Foods Ltd.
  • Nanjing Be-Want Foods Ltd.
  • Nanjing Lion-Want Packaging Ltd.
  • Ming Want Worldwide Ltd.
  • Media Sense, Inc.
  • Luohe Want-Want Foods Ltd.


    Last Updated on 3 Oct, 2022

    Discover the all new Nikkei Asia app

    • Take your reading anywhere with offline reading functions
    • Never miss a story with breaking news alerts
    • Customize your reading experience

    Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

    Celebrate our next chapter
    Free access for everyone - Sep. 30

    Find out more