Cayman-registered company targets up to 16% growth in China
A company registered in the Cayman Islands named Tingyi Holding Corporation targets as much as 16% growth a year in China as stimulus spending boosts demand for instant food.
Chief Financial Officer Frank Lin said in an interview that the company’s goal is to grow 1.5-2 times the rate of China’s economy that the Chinese government targets to expand 8% in 2009. He also noted that improving ties between Taiwan and the mainland China will improve the image of Tingyi Holding Corporation with consumers and cut travel costs.
This Cayman-incorporated company is a Taiwan family business that has become China’s biggest noodle producer. The company incorporated in the Cayman Islands started as an oil and grease company founded in 1958.
According to Forbes, Tingyi Chairman Wei Ing-Chou is Taiwan’s 5th richest person.