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JOURNEY · DETAIL
Want Want: Tsai Eng-meng's journey from early failures to building a cross-strait snack empire through rice crackers
Founded: Tsai Eng-meng (Born 1957, Taipei Datong District, attended Banqiao High School) · Want Want Group / China Want Want Holdings Limited (HKEX: 0151)
JOURNEY
Key Fields
FIELD STAMPSIndustryFood & Beverage
RegionChina（港台）
ScaleGiant
ChannelHybrid
Origin
The predecessor of Want Want was Yilan Foods Industrial Co., Ltd., based in Dongshan Township, Yilan. Founded in 1962 by Liu Chuan-chih, a friend of Tsai Eng-meng's father, Tsai A-shih, the company initially focused on canned food OEM and exports before being handed over to the elder Tsai. In 1976, Tsai A-shih took over management. At just 20 years old and with only a junior high school education, Tsai Eng-meng volunteered to participate in operations and became General Manager of Yilan Foods the following year. Eager to prove himself, he quickly launched a new product, 'Lang-Wei Squid Shreds.' Due to a lack of market judgment, the venture resulted in a loss of over NT$100 million, nearly wiping out the family fortune—the first major setback of his entrepreneurial career. However, Tsai did not retreat; instead, he learned that food businesses must be tied to distribution channels and brand identity, laying the groundwork for his future comeback with rice crackers.
Milestones
1977
Taking over at 20 Failure
In 1977, Tsai Eng-meng took over as General Manager of Yilan Foods. Lacking experience and eager to prove himself, he launched 'Lang-Wei Squid Shreds,' losing over NT$100 million and nearly bankrupting the family. This failure taught him that food businesses cannot rely on intuition alone and must be anchored to mass distribution and brand symbols—a lesson that became the root of his obsession with channel penetration and aggressive advertising.
1979
Birth of Want Want Turning Point
In 1979, Yilan Foods began re-entering the Taiwan market with the self-created brand 'Want Want' and the 'Want-zai' mascot. Observing the high profit margins of Japanese rice crackers, Tsai approached major Japanese manufacturer Iwatsuka Confectionery for OEM and technical licensing. While praying at the Qianhua Eighteen Lords Temple in Shimen, Taipei, he saw a statue of a divine dog; being a dog lover, he named the rice cracker and the company 'Want Want' (a phonetic play on a dog's bark). The original English brand name was 'One One,' later changed to 'Want Want'.
1983
Japanese Technology PMF
In 1983, Yilan Foods formally partnered with Iwatsuka Confectionery to develop the Taiwan rice cracker market, with Iwatsuka receiving a 5% stake in exchange for technology transfer. Want Want used advertising that tapped into local religious worship habits, capturing a 95% market share in Taiwan and forcing established giants like Uni-President and I-Mei Foods to exit the rice cracker segment. This victory solidified Tsai's core strategy: massive production capacity combined with low prices and aggressive advertising.
1989
Mainland Registration Turning Point
In 1989, Want Want registered its trademark in mainland China, becoming the first Taiwanese company to do so. Seeing potential in the Reform and Opening-up policy, Tsai decided to expand overseas. While competition in coastal provinces was intensifying, he identified the consumer potential and policy incentives in inland Hunan, deciding to bypass the coast and head straight to Changsha.
1992
Changsha Factory Turning Point
In 1992, Tsai bypassed competitive coastal provinces to set up a factory in Changsha, Hunan, becoming the first Taiwanese-funded enterprise in the province. As the first rice cracker manufacturer in the mainland, Want Want's high profits attracted many followers, causing margins to slide. Tsai responded by scaling up, aggressively cutting costs, and using low-price strategies to force out competitors, eventually dominating the mainland market with an 85% share.
1996
Singapore Listing Growth
In 1996, Want Want listed on the Singapore Exchange as Want Want Holdings Pte Ltd. Leveraging capital markets to accelerate capacity expansion, the company opened over 40 branches and 110 factories in mainland China, transforming from a small Taiwanese enterprise into a multinational food group.
2007
Relisting in Hong Kong Turning Point
Want Want delisted from the Singapore Exchange in 2007. In 2008, its subsidiary, China Want Want Holdings Limited, listed on the main board of the Hong Kong Stock Exchange (Code: 0151), becoming a leader in the HK food and beverage sector. Tsai chose Hong Kong for its valuation premiums on mainland consumer brands and deeper investor recognition.
2009
Media Acquisition Inflection Point
In 2009, Tsai acquired the China Times Group for approximately US$2.4 billion, including the China Times, China Television (CTV), and CTi TV, transitioning from a food tycoon to a media mogul. This move sparked massive controversy in Taiwan, with critics accusing him of using media influence to sway public opinion. The group's business expanded into media, insurance, healthcare, catering, agriculture, and real estate.
2013
Peak and Cooling Inflection Point
In 2013, China Want Want's annual revenue reached US$1.734 billion (approx. NT$52.6 billion), and Tsai became the richest person in Taiwan in 2017. However, as mainland consumption patterns evolved, products like Want Want crackers and Want-zai Milk were seen as relics of a previous era. Gen Z shifted toward spicy strips, nuts, and discount snack chains, leaving Want Want facing brand aging and slowing growth.
2018
Cross-industry Rejuvenation Turning Point
Want Want began aggressive cross-industry collaborations: clothing lines with Taciturn, milk tea with Nayuki, gift boxes with Jackson Wang's TEAM WANG, and songs with NetEase Cloud Music. It even launched its own makeup brand, CHANDO, in an attempt to rejuvenate the brand via youthful IP. Simultaneously, the group invested in hotels (San Want Hotel), insurance, and healthcare to hedge against slowing food growth. In June 2025, Taiwan's Mainland Affairs Council announced an investigation into Want Want's alleged cooperation with the CCP for a summit, putting its media and business empire back in the political spotlight.
Turning Points
- In 1977, at age 20, Tsai lost NT$100 million, learning the importance of binding channels to brands, which defined his future marketing strategy.
- In 1979, inspired by a dog statue at a temple, he named the brand 'Want Want' and partnered with Japan's Iwatsuka Confectionery to capture 95% of the Taiwan market.
- In 1992, he bypassed coastal China to build a factory in Changsha, using a low-price, scale-based strategy to capture 85% of the mainland rice cracker market.
- From 2007 to 2008, he delisted from Singapore and relisted in Hong Kong to leverage valuation premiums and reshape the capital narrative.
- In 2009, he acquired the China Times Group for US$2.4 billion, becoming a media mogul and setting the stage for long-term cross-strait political controversy.
Failures & Pitfalls
- The 1977 'Lang-Wei Squid Shreds' failure cost over NT$100 million, nearly bankrupting the family due to inexperience and poor market judgment.
- After 1992, the high profitability of rice crackers in the mainland attracted many copycats, forcing Want Want into a grueling price war to maintain market share.
- Post-2013, Want Want faced a brand aging crisis in mainland China as Gen Z consumers abandoned traditional snacks, leading to long-term revenue stagnation.
- Following the 2009 media acquisition, Tsai became deeply embroiled in cross-strait political disputes; the 2025 investigation by Taiwan's Mainland Affairs Council further politicized the brand.
- In 2024, Tsai sued the Wikimedia Taiwan chapter over Wikipedia content regarding his pro-China stance but lost, exposing a perceived over-control of public discourse.
关键成功要素
- Binding to folk symbols: Want Want and the Want-zai mascot are deeply embedded in Taiwanese worship culture and mainland holiday gift-giving.
- Massive capacity and low-price dominance: Built a moat with 110 factories and 40 branches to force out competitors.
- Channel-first and aggressive advertising: Tsai learned from his early failure that distribution is paramount, prioritizing terminal placement in second and third-tier cities.
- External technology sourcing: Partnered with Japan's Iwatsuka Confectionery, trading a 5% stake for world-class rice cracker technology.
- Cross-industry rejuvenation: Frequent collaborations with new tea brands, fashion labels, celebrities, and music platforms to combat brand aging.
Lessons
- Early major losses provide the best business education: Tsai's NT$100 million loss at 19 shaped his obsession with channels and scale.
- Brand symbols must be tied to cultural foundations to survive cycles: Want Want's success is rooted in its association with worship and holiday traditions.
- First-movers in emerging markets must scale aggressively or be drowned out by copycats: Want Want survived the mainland market by using low prices to crush followers.
- Brand rejuvenation requires more than just collaboration gimmicks: Want Want's frequent crossovers struggle to fix the core issue of product relevance for Gen Z.
- Media empires are double-edged swords: Tsai's move into media politicized his business, eroding the brand's moat through political controversy.
Core Data
- 2013 China Want Want annual revenue：US$1.734 billion (approx. NT$52.6 billion) (Public data, not independently verified)
- Taiwan rice cracker market share：Reached 95% (Public data, not independently verified)
- Year as Taiwan's richest：Topped the list in 2017 (Public data, not independently verified)
- Number of employees：Over 60,000 (Public data, not independently verified)
- Number of mainland branches：Over 40 (Public data, not independently verified)
- Number of mainland factories：Over 110 (Public data, not independently verified)
- Mainland rice cracker market share：Approx. 85% (Public data, not independently verified)
- Founding year：1962 (Yilan Foods), 1987 (Tsai officially took over Want Want) (Public data)
- HK stock code：0151 (China Want Want Holdings) (Public data, not independently verified)
- Tsai Eng-meng's net worth：Approx. US$5.7 billion (Forbes, real-time as of August 7, 2026) (Public data, not independently verified)
Competitors / Peers
In the rice cracker and snack sector, competitors include Uni-President and I-Mei Foods (early rivals in Taiwan), Uni-President (cross-category competition in instant noodles and snacks), Three Squirrels and Bestore (new forces in e-commerce nuts/snacks), Weilong (leader in spicy strips), and discount snack chains like 'Snack Is Busy' and 'Zhao Yiming'. In cross-industry collaborations, Want Want competes with brands like Heytea and Nayuki for Gen Z attention. Tsai's strategy is to use diversified investments (media, hotels, healthcare, insurance) to hedge against slowing growth in the food business, though this has diluted focus on food innovation.