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Ting Hsin International Group

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Ting Hsin International Group
Native name
頂新國際集團
IndustryFood
FoundedYongjing, Changhua, Taiwan (1958 (1958))
FounderWei Hoteh
Headquarters
Taipei
,
Taiwan
Area served
Greater China region
Key people
Wei Ing-Chou [zh], Wei Yingjiao [zh], Wei Ying-chun [zh], Wei Yingxing [zh]
Websitewww.tinghsin.com/tw/default.aspx
Ting Hsin International Group
Traditional Chinese頂新國際集團
Simplified Chinese顶新国际集团
Transcriptions
Standard Mandarin
Hanyu PinyinDǐngxīn Guójì Jítuán
Wade–GilesTing-Hsin Kuo-Chi Chi-Tuan

Ting Hsin International Group (Chinese: 頂新國際集團; pinyin: Dǐngxīn Guójì Jítuán) is a Taiwanese-owned corporate group established in 1958.[1] It owns various food brands such as the instant noodle maker Master Kong, Wei-Chuan Food Corporation and Dicos.[2][3]

History

Taipei 101 and noodles

The company was founded in 1958.[1] In July 2009, it became the largest private shareholder in Taipei Financial Center Corporation, which owns Taipei 101.[4][5]

The company is owned by the Wei family of Taiwan, and in 2009, was the largest maker of instant noodles in China.[6]

Leaving certain industries (2014-2020)

The company in 2014 was run by four of the Wei brothers.[7]

In 2014, the company announced it would no longer produce cooking oil after a tainted oil scandal.[8] Several former executives were indicted later that year, including former chairman Wei Ying-chung.[9] In 2014 not only did it suspend operations at Ting Hsin Oil and Fat, but also Cheng I Food Co Ltd. The company Wei Chuan, which was Taiwan's second-largest manufacturer of food then, face share value drops after the parent company apologized[10] for food safety lapses.[10][11]

In 2014, Ting Hsin International Group said it would sell its Taipei Financial Center Corporation shares to raise cash for around $770 million.[12] Over the next three years, the company had difficulty selling its TFCC holdings, with Blackstone Group talks not ending fruitfully, and the Taiwanese Ministry of Finance voting against a deal with a Malaysian investment company.[13] Sometime around 2018 ITOCHU purchased 37% of Taipei Financial Center Corporation, which it spent USD$670 on.[14]

A new chairman, Jason Lee, was appointed in 2014.[15] In August 2014, Ting Hsin acquired China Network Systems (CNS), a cable provider, from MBK Partners, Limited.[16] To further stem losses in 2015, the company approved the sale of its Matsusei supermarket chain.[17]

After the food safety scandal, the share of the Ting Hsin International Group subsidiary Wei Chuan, known for its milk brand, had went from holding 40 to 25 percent of the local milk market. The division said it was considering about increasing operations in China that year, in 2017.[18] In 2017, it began building a new plant in China.[19] After controversy concerning food dilution, on 3 January 2017, Ting Hsin announced that its board of directors had dissolved the company's affiliate manufacturer of instant noodles, Master Kong (Taiwan) Foods Co., Ltd.[20] Master Kong was entirely dissolved, withdrawing from production in Taiwan.[21] FamilyMart sued to end its partnership with Ting Hsin in 2019, which would end a 15-year joint venture.[22][23] Ting Hsin International Group was the top seller of instant noodles in the world in 2017, with a 15% share of the market.[24]

Food scandals and boycott

Ting Hsin Oil and Fat in late 2013 was found to have purchased tainted food products from Chang Chi Foodstuff since 2007.[25]

In November 2013, Wei Ying-chung (魏應充), former chairman of three subsidiaries of Ting Hsin International Group, was indicted on charges of fraud as part of an investigation into the 2013 Taiwan food scandal. Wei Ying-chung is the third of four Wei brothers controlling the Ting Hsin group.[26][27]

On 9 October 2014, prosecutors launched an investigation into the 2014 Taiwan food scandal alleging a unit of Ting Hsin International Group over sale of tainted cooking oil. Prosecutor Tsai Lee-yee (蔡麗怡) said Ting Hsin unit Cheng-Yee Food Co. (正義股份有限公司) was investigated over allegedly mixing animal feed oil with cooking oil and then selling it for human consumption.[28]

After the revelations, the Taiwan public boycotted Ting Hsin items, with a number of local governments, restaurants, traditional markets and schools refusing to consume the conglomerate's products.[29] On 16 October 2014, Ting Hsin announced that it will leave Taiwan's oil market and donate NT$3 billion toward food safety under the supervision of Juantai Financial Group (潤泰集團) Chairman Yin Yen-liang (尹衍樑).[30]

The Changhua District Court granted a request to detain Wei Ying-chung on 17 October.[31] On 21 October, prosecutors said according to Ting Hsin's Vietnamese oil supplier Dai Hanh-Phuc 戴幸福, the majority of animal feed-grade oil imported by Ting Hsin may be used in the China market.[32] In response, consumers in China called for a united boycott against Ting Hsin products.[33]

In November 2014, Ting Hsin's products were tested for Agent Orange since an unnamed source told authorities that the oil Ting Hsin imported from Vietnam may contain traces of the herbicidal weapon.[34]

In November 2015, six former managers of Ting Hsin International Group, including former executive Wei Ying-chung, were found not guilty of breaching the Act Governing Food Safety and Sanitation by selling substandard lard-based cooking oil. The verdict attracted immediate criticism from both the public and politicians.[35][36] Wei began serving a two-year prison term for another fraud charge in July 2017.[25] In 2018, the Taiwan High Court in Taichung overturned the 2015 verdict and sentenced Wei to 15 years in jail.[37]

See also

References

  1. ^ a b "Company Overview of Ting Hsin International Group". Bloomberg News. Retrieved 2013-05-30.
  2. ^ Wang, Joy (1 April 2011). "Unilever, Ting Hsin delay hike in China". Shanghai Daily and RetalInAsia.com. Retrieved 2013-05-30.
  3. ^ "Ting Hsin to Open Hundreds of China Noodle Outlets". Archived from the original on January 6, 2009. Retrieved October 28, 2009.
  4. ^ "Ting Hsin eyes Taipei bourse listing". Taiwan Today. 9 June 2009. Retrieved 24 August 2014.
  5. ^ "Ting Hsin is largest Taipei 101 shareholder". The China Post. 17 July 2009. Retrieved 24 August 2014.
  6. ^ Huang, Joyce (9 July 2009). "Ting Hsin International interested in more of TFCC". Taipei Times. Retrieved 24 August 2014.
  7. ^ https://www.scmp.com/news/china/article/1628550/ting-hsin-food-tycoon-wei-ying-chun-may-face-30-years-jail-over-oil
  8. ^ https://asia.nikkei.com/Business/Wei-brothers-exit-after-food-scandal-with-massive-donation
  9. ^ https://www.wsj.com/articles/former-ting-hsin-executives-indicted-amid-cooking-oil-scandal-1414670839 [bare URL]
  10. ^ a b https://www.taipeitimes.com/News/front/archives/2014/10/12/2003601867
  11. ^ Reuters
  12. ^ http://www.ecns.cn/m/business/2014/12-08/145795.shtml
  13. ^ http://taipeitimes.com/News/biz/archives/2017/11/25/2003682858
  14. ^ https://www.acuris.com/apac-taiwan-offshore-wind-projects-appeal-itochu
  15. ^ http://www.taipeitimes.com/News/front/archives/2014/11/15/2003604456
  16. ^ Chen, Kevin (25 August 2014). "Ting Hsin Group agrees to buy CNS". Taipei Times. Retrieved 25 August 2014.
  17. ^ https://www.taipeitimes.com/News/front/archives/2015/11/13/2003632332
  18. ^ https://www.taipeitimes.com/News/biz/archives/2017/10/31/2003681342
  19. ^ https://www.taipeitimes.com/News/biz/archives/2017/07/01/2003673626
  20. ^ [1]
  21. ^ https://www.taiwannews.com.tw/en/news/3062104
  22. ^ https://asia.nikkei.com/Business/Business-deals/FamilyMart-sues-to-end-Chinese-joint-venture-with-Ting-Hsin
  23. ^ https://fortune.com/2019/05/14/japan-familymart-seeks-split-china-ting-hsin-international-group/
  24. ^ https://asia.nikkei.com/Business/Business-trends/Instant-noodles-reach-deeper-into-hungry-Asia
  25. ^ a b http://www.taipeitimes.com/News/front/archives/2017/07/29/2003675509
  26. ^ Fuchs, Chris (20 November 2013). "Tainted by scandal". Taipei Times. Retrieved 17 December 2013.
  27. ^ Russell Flannery. "Wei Yin-Chun". Forbes. Retrieved 29 November 2015.
  28. ^ "Taiwan prosecutors probe Ting Hsin unit alleging it sold tainted cooking oil". AsiaOne. Retrieved 29 November 2015.
  29. ^ "EDITORIAL: Ting Hsin likely won't feel the pinch". taipeitimes.com. Retrieved 29 November 2015.
  30. ^ "Ting Hsin leaving Taiwan oil market".
  31. ^ "Ex-chairman of troubled oil maker detained". focustaiwan.tw. Retrieved 29 November 2015.
  32. ^ "越南噁油不只銷台灣 奸商自爆「中國是主力市場」". ltn.com.tw. Retrieved 29 November 2015.
  33. ^ "China calls for Ting Hsin boycott".
  34. ^ "Ting Hsin oil allegedly contains Agent Orange".
  35. ^ "Wei Ying-chung found not guilty". Taipei Times. Retrieved 29 November 2015.
  36. ^ "EDITORIAL: Evidence required for fair verdicts". Taipei Times. Retrieved 29 November 2015.
  37. ^ https://www.taiwannews.com.tw/en/news/3416199
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