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{{Short description|Chinese snacks manufacturer}}
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[[File:Logo - Hsu Fu Chi candy company.jpg|300px|thumbnail|right]]
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{{refimprove |date=April 2013}}
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[[File:Hsu Fu Chi logo.png|300px|thumbnail|The logo of Hsu Fu Chi]]


'''Hsu Fu Chi''' is a Chinese company, based in [[Dongguan, China]], that manufactures various confectionaries, biscuits, chocolates, jellies, [[sachima]], and snacks. The company is majority owned by [[Nestlé]], and minority owned by the Hsu family.
'''Hsu Fu Chi''' (徐福记) is a Chinese company, based in [[Dongguan, China]], that manufactures various confectionaries, biscuits, chocolates, jellies, [[sachima]], and snacks. The company is majority owned by [[Nestlé]], and minority owned by the Hsu family.


==History==
==History==


===Beginnings and independent growth===
===1992-2000 "From The Beginning To The End Of A Millennium"===
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In 1992, Mekey Hsu Chen founded Hsu Fu Chi in The People's Republic of China. In 1994, the brand was trademarked in the PRC. In 1997, Transpac invested in the company, and introduced new strategies. That same year, the brand became the top-selling brand in all of China; they were so for ten years, however in 2008, they were relegated to the number 2 position, as [[Mars]] ascended to the first position. Hsu Fu Chi was the first company to invent, develop, and introduce the ''"Pick and Mix"'' format in China, in which consumers can pick various kinds of confectionaries out of tubs of various confectionaries; and instead of picking only one kind, one can pick as many as they wish.


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In 1992, Mekey Hsu Chen founded Hsu Fu Chi in The People's Republic of China. In 1994, the brand was trademarked in the PRC. In 1997, Transpac invested in the company, and the brand became the top-selling brand in China for ten years; in 2008, they were relegated to the number 2 position, after [[Mars, Inc]]. Hsu Fu Chi was the first company to introduce the ''"Pick and Mix"'' format in China, in which consumers can pick various kinds of confectionaries out of tubs of various confectionaries; and instead of picking only one kind, one can pick as many as they wish.{{citation needed |date=April 2013}}
===2000-2011===
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In 2000, Hsu Fu Chi began to build a distribution network across China, and today has one of the strongest distribution networks in China, in its field. In 2004, they created the world's first fully automated sachima plant. They were listed on a stock exchange in Singapore in 2006; the [[SGX ST]] in 2006, amd were one of the first Chinese confectionary companies to be listed on a stock exchange, and the first to be listed on the SGX.


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In 2000, Hsu Fu Chi began to build a distribution network across China. In 2004, they created the world's first fully automated sachima plant. They were listed on a stock exchange in Singapore in 2006: the [[SGX ST]] in 2006, one of the first Chinese confectionery companies to be listed on a stock exchange, and the first to be listed on the SGX.{{citation needed |date=April 2013}}
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They opened their newest factory, one in [[Zhumadian]], China; in 2010. Over five years, from 2007 to 2012, their profits grew 17%.


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They opened their newest factory, one in [[Zhumadian]], China; in 2010. Over five years, from 2007 to 2012, their profits grew 17%.{{citation needed |date=April 2013}}
===2011-present "The Nestlé Years"===


=== Acquisition by Nestlé===
On 4 July 2011, Hsu Fu Chi said it has engaged in preliminary discussions with Nestle for a possible deal that may or may not lead to an offer being made for the shares of the company. "We won't deny they are one of the companies that we've been in touch with, but they are not the only one," Hsu Fu Chi spokeswoman, Christine Sun, said by telephone, referring to Nestlé. Nestlé spokeswoman Nina Backes at the time declined to give further information on the talks.<ref>{{cite news|title=Nestlé in talks with Chinese sweet-maker|url=http://www.reuters.com/article/2011/07/04/us-hsufuchi-nestle-idUSTRE7631SR20110704|accessdate=20 April 2013|newspaper=Reuters|date=4 July 2011}}</ref> It was never made clear what other companies Hsu Fu achieve was in talks with.


On 11 July 2011, Nestlé, the largest food company in the world, payed $1.7 billion for a 60 percent stake in Hsu Fu Chi International. This acquisition will help it become closer to its target of 45% of sales from emerging markets in about 10 years. Nestlé paid about 3.3 times the sales figures of Hsu Fu Chi for the stake, more than the 2.4 times sales American [[Mondelēz International]] paid for English candy group [[Cadbury]]. Under their agreement, Nestle will buy 43.5 percent of Hsu Fu Chi's shares from independent shareholders at S$4.35, a premium of 8.7 percent over the July 1 closing price—trading the Dongguan-based company's shares were stopped on 1 July when the companies said they were in talks. If the scheme was approved by independent shareholders, Nestle would have then acquire a 16.5 percent stake from the Hsu family, which would leave them with 40 percent. The company would have then be delisted.<ref>{{cite news|title=Nestle buys 60 percent of Chinese candymaker for $1.7 billion|url=http://www.reuters.com/article/2011/07/11/us-hsufuchi-nestle-idUSTRE76A0ZX20110711|accessdate=April 20, 2013|newspaper=Reuters|date=11 July 2011}}</ref><ref>{{cite journal|title=Nestlé Shows Taste for Chinese Treats|journal=The Wall Street Journal|date=11|year=2011|month=April|url=http://online.wsj.com/article/SB10001424052702303678704576438601999980390.html|accessdate=April 20, 2013}}</ref>
In 2011, the company entered talks with several undisclosed companies for the sale of the company.<ref>{{cite news |last=Yee |first=Lee Chyen |last2=Koltrowitz |first2=Silke |date=4 July 2011 |title=Nestlé in talks with Chinese sweet-maker |url=https://www.reuters.com/article/us-hsufuchi-nestle-idUSTRE7631SR20110704 |access-date=20 April 2013 |newspaper=[[Reuters]]}}</ref> On 11 July 2011, Nestlé, the largest food company in the world, paid $1.7 billion for a 60 percent stake in Hsu Fu Chi International, which is about 3.3 times the sales figures of Hsu Fu Chi for the stake. Nestlé agreed to buy 43.5 percent of Hsu Fu Chi's shares at S$4.35. If the scheme was approved by independent shareholders, Nestlé would then acquire a 16.5 percent stake from the Hsu family, which would leave them with 40 percent.<ref>{{cite news |last=Azhar |first=Saeed |last2=Koltrowitz |first2=Silke |date=11 July 2011 |title=Nestlé buys 60 percent of Chinese candymaker for $1.7 billion |url=https://www.reuters.com/article/us-hsufuchi-nestle-idUSTRE76A0ZX20110711 |access-date=April 20, 2013 |newspaper=[[Reuters]]}}</ref><ref>{{cite journal |last=Burkitt |first=Laurie |date=11 April 2011 |title=Nestlé Shows Taste for Chinese Treats |url=https://www.wsj.com/articles/SB10001424052702303678704576438601999980390 |journal=[[The Wall Street Journal]] |url-access=subscription |access-date=April 20, 2013}}</ref>


On 6 December 2011, almost four months after first purchasing it's stake in Hsu Fu Chi, the government of the People's Republic of China, and the government of The Cayman Islands (where Hsu Fu Chi was incorporated) accepted Nestlé's bid, and allowed Nestlé to proceed in its acquisition.<ref>{{cite web|title=Hsu Fu Chi International|url=http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D430B705FCD84AFB4825795E001341C5/$file/MOFCOM-Approval-071211.pdf?openelement|publisher=SXG ST|accessdate=20 April 2013}}</ref><ref>{{cite news|title=China Clears Nestle’s Deal for Candy Maker|url=http://dealbook.nytimes.com/2011/12/07/china-gives-greenlight-for-nestles-candy-maker-deal/|accessdate=20 April 2013|newspaper=The New York Times|date=7 December 2011}}</ref>
On 6 December 2011, the government of the People's Republic of China, and the government of The Cayman Islands (where the company was incorporated) accepted Nestlé's bid, and allowed Nestlé to proceed in its acquisition.<ref>{{cite web|title=Hsu Fu Chi International|url=http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D430B705FCD84AFB4825795E001341C5/$file/MOFCOM-Approval-071211.pdf?openelement|publisher=SXG ST|access-date=20 April 2013}}</ref>{{Dead link|date=August 2024}}<ref>{{cite news |last=Rusli |first=Evelyn M. |date=7 December 2011 |title=China Clears Nestlé's Deal for Candy Maker |url=https://dealbook.nytimes.com/2011/12/07/china-gives-greenlight-for-nestles-candy-maker-deal/ |access-date=20 April 2013 |newspaper=DealBook |publisher=[[The New York Times]]}}</ref> Currently, Nestlé owns 60% of the company, and the Hsu family currently owns 40%.<ref>{{cite web|title=Slide 1|url=http://www.nestle.com/asset-library/Documents/Investors/NIS%202012%20Shanghai/HFC-%2020120916.pdf|publisher=Nestlé|access-date=20 April 2013}}</ref><ref>{{Cite press release |title=Nestlé to enter partnership with Chinese confectionery company Hsu Fu Chi |date=11 July 2011 |publisher=Nestlé Global |url=http://www.nestle.com/media/pressreleases/allpressreleases/nestle-to-enter-partnership-with-chinese-confectionery-company-hsu-fu-chi |access-date=3 August 2024 |archive-url=https://web.archive.org/web/20150914173122/http://www.nestle.com/media/pressreleases/allpressreleases/nestle-to-enter-partnership-with-chinese-confectionery-company-hsu-fu-chi |archive-date=14 September 2015 |location=Vevey, Switzerland}}</ref>

Nestlé and Hsu Fu Chi, as allowed to, proceeded with the acquisition, and it was completed within several days. Currently, Nestlé owns 60% of Hsu Fu Chi, and the Hsu family currently owns 40%.<ref>{{cite web|title=Slide 1|url=http://www.nestle.com/asset-library/Documents/Investors/NIS%202012%20Shanghai/HFC-%2020120916.pdf|publisher=Nestlé|accessdate=20 April 2013}}</ref><ref>{{cite web|title=Nestlé and Hsu Fu Chi partnership formally approved|url=http://www.nestle.com/Media/NewsAndFeatures/Nestle-and-HsuFuChi-partnership|publisher=Nestlé Global|accessdate=20 April 2013}}</ref> Mekey Hsu Chen is still, at present the chairman and CEO.


==References==
==References==
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{{Nestlé}}
{{Nestlé}}


[[Category:Nestlé]]
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{{Uncategorized|date=April 2013}}
[[Category:1992 establishments in China]]
[[Category:Food and drink companies of China]]
[[Category:Food and drink companies established in 1992]]
[[Category:Chinese companies established in 1992]]
[[Category:Companies based in Dongguan]]

Latest revision as of 01:51, 3 August 2024

The logo of Hsu Fu Chi

Hsu Fu Chi (徐福记) is a Chinese company, based in Dongguan, China, that manufactures various confectionaries, biscuits, chocolates, jellies, sachima, and snacks. The company is majority owned by Nestlé, and minority owned by the Hsu family.

History

[edit]

Beginnings and independent growth

[edit]

In 1992, Mekey Hsu Chen founded Hsu Fu Chi in The People's Republic of China. In 1994, the brand was trademarked in the PRC. In 1997, Transpac invested in the company, and the brand became the top-selling brand in China for ten years; in 2008, they were relegated to the number 2 position, after Mars, Inc. Hsu Fu Chi was the first company to introduce the "Pick and Mix" format in China, in which consumers can pick various kinds of confectionaries out of tubs of various confectionaries; and instead of picking only one kind, one can pick as many as they wish.[citation needed]

In 2000, Hsu Fu Chi began to build a distribution network across China. In 2004, they created the world's first fully automated sachima plant. They were listed on a stock exchange in Singapore in 2006: the SGX ST in 2006, one of the first Chinese confectionery companies to be listed on a stock exchange, and the first to be listed on the SGX.[citation needed]

They opened their newest factory, one in Zhumadian, China; in 2010. Over five years, from 2007 to 2012, their profits grew 17%.[citation needed]

Acquisition by Nestlé

[edit]

In 2011, the company entered talks with several undisclosed companies for the sale of the company.[1] On 11 July 2011, Nestlé, the largest food company in the world, paid $1.7 billion for a 60 percent stake in Hsu Fu Chi International, which is about 3.3 times the sales figures of Hsu Fu Chi for the stake. Nestlé agreed to buy 43.5 percent of Hsu Fu Chi's shares at S$4.35. If the scheme was approved by independent shareholders, Nestlé would then acquire a 16.5 percent stake from the Hsu family, which would leave them with 40 percent.[2][3]

On 6 December 2011, the government of the People's Republic of China, and the government of The Cayman Islands (where the company was incorporated) accepted Nestlé's bid, and allowed Nestlé to proceed in its acquisition.[4][dead link‍][5] Currently, Nestlé owns 60% of the company, and the Hsu family currently owns 40%.[6][7]

References

[edit]
  1. ^ Yee, Lee Chyen; Koltrowitz, Silke (4 July 2011). "Nestlé in talks with Chinese sweet-maker". Reuters. Retrieved 20 April 2013.
  2. ^ Azhar, Saeed; Koltrowitz, Silke (11 July 2011). "Nestlé buys 60 percent of Chinese candymaker for $1.7 billion". Reuters. Retrieved April 20, 2013.
  3. ^ Burkitt, Laurie (11 April 2011). "Nestlé Shows Taste for Chinese Treats". The Wall Street Journal. Retrieved April 20, 2013.
  4. ^ "Hsu Fu Chi International" (PDF). SXG ST. Retrieved 20 April 2013.
  5. ^ Rusli, Evelyn M. (7 December 2011). "China Clears Nestlé's Deal for Candy Maker". DealBook. The New York Times. Retrieved 20 April 2013.
  6. ^ "Slide 1" (PDF). Nestlé. Retrieved 20 April 2013.
  7. ^ "Nestlé to enter partnership with Chinese confectionery company Hsu Fu Chi" (Press release). Vevey, Switzerland: Nestlé Global. 11 July 2011. Archived from the original on 14 September 2015. Retrieved 3 August 2024.
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