Wei Yin-Heng Biography & Net Worth
Wei Yin-Heng Biography & Net Worth
|Popular Name:||Wei Yin-Heng|
|Real Name:||Wei Yin-Heng|
|Birth Date:||1 January 1959|
Changhua County, central Taiwan
|Profession:||Businessman, Investor, Entrepreneur|
|Net Worth:||$2 Billion|
Wei Yin-Heng is a Taiwan-based businessman and entrepreneur. It is not often that we come across businessmen who succeed by starting a fresh business with their brothers, but today, that is the case with Wei, who alongside three of his brothers, began a journey of entrepreneurship many years ago and succeeded in building an empire for themselves from literally nothing. According to a recent Forbes ranking, Wei is the 949th richest businessman in the world and the 14th billionaire in Taiwan. His estimated net worth just keeps rising over recent years thanks to his thriving business in the food and beverages industry.
Early Life: Childhood, Education
Wei Yin-Heng was born in Taiwan on 1 January 1959. He has three brothers, all of whom were raised in Taiwan together, forming an unbreakable bond that lasted throughout their lifetime.
For his education, Wei attended and graduated from a local high school in Changhua, central Taiwan. He never went to college.
Professional Life: Business Career
Wei and his three brothers started Tingyi, a beverage-making company based in the Cayman Islands. Tingyi produces things like instant noodles, packaged water, and a very popular ready-to-drink tea.
He became the chief executive officer and vice chairman of the Taipei Financial Center Corporation in 2012. Two years afterward, Wei entered into a money-spinning partnership with Shanghai Disney Resort, which chose the beverage company Tingyi as one of the major suppliers of beverages and drinks at the resort.
In addition, Wei and his siblings also own a very popular food chain business in Taipei called Dicos. The family also has made huge investments in real estate. One of their most popular real estate investments is Taipei 101, which is renowned for being the tallest building on the island. Wei has served as an Executive Director of Tingyi from 1991 to February 4, 2015. He and his three brothers – Ying-Chiao, Yin-Chun, and Ying-Chou — started Tingyi in 1991. Their company, Tingyi, is now a leading producer of an assortment of things in China, and it supplies more than half of the country’s instant-noodle demand. The Dicos fried chicken chain is also controlled by the brothers. It was reported that in July 2018, the siblings, through their private company, Ting Hsin, sold its 37.17 percent stake in Taiwan’s tallest building known as Taipei 101, to Itochu for $665 million.
About the Company
Tingyi (Cayman Islands) Holding Corp. is an investment holding company that operates through business segments like beverages, instant noodles, and others. They have expanded to include other segments including investment holding, properties investment, rental, logistics, and support functions. The company was established in 1992 and is based in the Cayman Islands.
Tingyi is the holding company of Master Kong, a brand that is regarded as the leading manufacturer of instant noodles in China. Founded in 1991, Master Kong is a branded company based in Shanghai and Tianjin. It specializes in the manufacture and distribution of cakes, beverages, instant noodles, and relevant supporting industries. The company was listed in Hong Kong in 1996 and is currently a constituent of the Hang Seng China 100 Index and MSCI China Index.
In 2019, Master Kong recorded revenue of roughly 62 billion yuan, a year-on-year increase of 2.13 percent, and achieved a profit of more than 3 billion yuan, a year-on-year increase of 35.22 percent.
According to a representative of the brand, the sales volume of their noodles in 2019 accounted for 43.3 percent of the entire market shares. According to another source, Master Kong’s juice, in 2019, ranked second in juice market shares. Meanwhile, the reach of Master Kong RTD tea topped at 38 percent, ten percentage points higher than the second-placed brand.
In November 2011, Master Kong collaborated with PepsiCo and established a strategic agreement for the manufacture and marketing of all non-alcoholic beverages in China. In March 2015, Master Kong and Starbucks entered into a cooperation contract for the manufacture and marketing of Starbucks canned and bottled ready-to-drink products in China. Master Kong was listed in the national brand venture of Xinhua News Agency in June 2018.
The company was established back in 1991 in Tianjin, by the Wei brothers, and started trading on the Hong Kong Stock Exchange by 1996. It is an entirely owned subsidiary of the Ting Hsin International Group.
Personal Life: Wife, Children
Wei is a married man and father of three children. He resides in Shanghai, China, with his wife, his children, and other loved ones.
Wei Yin-Heng Net Worth: Salary, Income Sources, Assets
The Chinese businessman and entrepreneur, Wei Yin-Heng, is listed as one of the world’s billionaires. He is one of the four men who established what has become one of the biggest brands in the whole of Asia.
Asides from their success with the beverage maker Tingyi, which manufactures instant noodles, packaged water, and ready-made tea, the brothers also profit from investing in the real estate industry and also from their family-owned fried chicken chain Dicos. The company has had negative publicity in the past due to a food safety controversy in which Wei Yin-Heng and sixteen others were indicted for being aware that the company was making use of animal-grade oil to produce expensive cooking oils. He is facing a thirty-year term in jail but has denied his involvement.
Wei Yin-Heng’s net worth is $2 billion. He may have had his own share of ups and downs and unfortunate scandals, but it can’t be taken away from this man how he has contributed to the establishment and success of his family’s business, which is now considered one of the largest business empires in China.