The origins of Want Want Group can be traced back to Yilan Food Industry Co., Ltd. located in Luodong Town, Yilan County, Taiwan. The company was founded in 1962 and was engaged in the OEM and export of canned foods. However, it was run by a friend of Cai Yanming's father Cai Ashi at the time. In 1976, the management rights were taken over by Cai Ashi. Cai Yanming, who was only 20 years old and had only graduated from a junior high school, volunteered to participate in the company's operations. The following year (1977), Cai Yanming took over the management rights as the general manager. However, Cai Yanming, who lacked experience and ability, soon encountered huge losses. The company's launch of "Langwei Shredded Squid" caused the company to lose more than NT$100 million. In 1979, it began to re-open the Taiwan market with its own brand "Wangzai". Later, because he was optimistic about the huge profits of Japanese rice crackers, he approached the Japanese rice cracker manufacturer Itsuka as an OEM. Later, he obtained the technical authorization from Iwazuka and launched "Wangwang Senbei", which was a great success. The advertising effectively combined Taiwan's folk worship habits once accounted for as much as 95% of the market in Taiwan, forcing the established food manufacturers Uni-President and Yimei to withdraw from competition. In 1983, the trademark was named "Wangwang".

By combining marketing techniques with folk beliefs, Want Want has successively launched new products such as "Langweixian", "Snow Moon", "Wangzi Little Steamed Buns", etc., all of which have achieved good results. Tsai Yan-ming then planned to expand beyond Taiwan, especially mainland China, which is undergoing reform and opening up. In 1989, it registered the "Wangwang" trademark in China, becoming the first Taiwanese manufacturer to register a trademark in the mainland. In 1992, Cai Yanming abandoned the increasingly competitive coastal provinces of the mainland and set up a factory in Changsha, Hunan Province. He became the first foreign-invested manufacturer in Hunan Province and started Wangwang's rice cracker business in the mainland. Since Want Want is the first rice cracker manufacturer in mainland China, its huge profits have attracted a large number of manufacturers to follow up, resulting in a decline in gross profit. Therefore, Want Want responded with a strategy of expanding economic scale. On the one hand, it tried its best to reduce costs, and on the other hand, it forced out the market with low prices. Those who followed up not only stabilized the situation in the end, but also dominated the mainland with a market share of up to 85%.

In 1996, Want Want was listed on the Singapore Stock Exchange under the name Want Want Holdings. However, due to poor trading response, Cai Yanming decided to privatize the company in 2007 and withdrew the listing in Singapore. status.

In 2007, the financial incident of the Liba Group occurred in Taiwan (the Liba case). Wangwang successively began to purchase shares of the group's companies; it invested in Youlian Products, a listed company under the Liba Group, by increasing capital. Insurance and changed its name to Wangwang Youlian Product Insurance. In addition, they also hoped to acquire 40.32% of Dongsen TV's equity for NT$3 billion and become the largest shareholder, but unfortunately failed.

In 2008, Want Want was listed on the Hong Kong Stock Exchange under the name of "China Want Want Holdings Co., Ltd." (HKEx: 151). At that time, the offering price per share was HK$3.

In 2009, Want Want Group entered the media industry and purchased the China Times Group, which was facing huge operating losses and owned China Times, Industrial and Commercial Times, China Television Company, Zhongtian TV and other media. Due to the electronic media The change of management rights needs to be reviewed by the National Communications Commission. Although the National Communications Commission approved the change of directors and supervisors of the two electronic media, the approved sanctions included seven requirements, including the requirement not to duplicate directors and supervisors, the establishment of independent directors, and the establishment of independent photo studios. The payment caused a controversy over the violation of legal administration. Faced with this controversy, Want Want Group was strongly dissatisfied and used the media to fight back. The so-called objective and impartial civil society organizations such as the Media Observation Foundation and the Media Reform Society stated that if Wangwang does not allow the case to return to the public domain for rational discussion, they will call on everyone to reject the Third China. Want Want Group then took out half a page on the front page of China Times to demand an apology from those who had slandered and criticized the case, otherwise legal action would be taken. As of June 14, 2009, four scholars and journalists in *** had received letters of deposit. A very small number of bloggers believe that Want Want Group, as a private media, uses legal intimidation to suppress the public's freedom of speech, and launched the "I also want Want Want's certified letter" campaign.