Hong Kong-listed Want Want China (00151) announced two connected transactions dated 27 March 2026, committing a total of RMB147.28 million in cash to deepen ownership in its mainland fresh-food and ingredients joint ventures. The consideration will be settled from internal resources within 30 working days of each agreement. Both transfers fall below the 5 % Listing Rules threshold and therefore require disclosure but no independent shareholders’ vote.
Beijing Want-Yang Deal • Transferee: wholly owned subsidiary Beijing Dairy-Want • Stake acquired: 50 % from related party Row Want • Consideration: RMB132.80 million, based on an income-approach valuation of RMB265.60 million for 100 % equity • FY 2025 unaudited results: revenue not disclosed; profit before tax RMB16.57 million, profit after tax RMB12.81 million • Balance sheet at 31 Dec 2025: total assets RMB177.48 million, net assets RMB160.72 million Beijing Want-Yang, established in 2011, supplies ready-to-eat products—lunch boxes, rice balls, sushi and sandwiches—mainly to convenience stores in the Beijing-Tianjin region. Management expects an 8 % compound annual revenue growth to 2030, supported by sector expansion and new-retail channel discussions.
Hangzhou Youshen Deal • Transferee: wholly owned subsidiary Hangzhou Big-Want • Stake acquired: 40 % from related party San Want • Consideration: RMB14.48 million, reflecting a 15 % minority discount on a RMB42.60 million valuation • FY 2025 unaudited results: loss before tax RMB0.20 million, loss after tax RMB0.82 million • Balance sheet at 31 Dec 2025: total assets RMB32.79 million, net assets RMB26.58 million Founded in 2009, Hangzhou Youshen specialises in bakery fillings. The fillings segment is projected to grow at roughly 8 % CAGR through 2030; management anticipates a 6 % CAGR in Youshen’s revenue over the same period, with gross margin stabilising at 28 %–30 %.
Strategic Rationale The board sees fresh food and fillings as natural extensions to Want Want China’s core rice crackers, dairy and beverage lines. Full control of Beijing Want-Yang will allow cross-selling through both convenience stores and the group’s existing channels while potentially unlocking further collaboration with Warabeya Nichiyo, in which Want Want China already holds about 7 %. Integrating Hangzhou Youshen’s fillings capacity is expected to support product innovation across biscuits, rice crackers and fish-sausage lines, leveraging the group’s nationwide distribution to improve utilisation and scale.
Governance Row Want and San Want are both controlled by Chairman and CEO Mr. Tsai Eng-Meng; the transactions are therefore classified as connected. Interested directors abstained from voting. The board, including independent non-executive directors, concluded that the terms are arm’s-length, fair and reasonable, and in the interests of the company and its shareholders as a whole.