Lien Hwa Industrial Holdings

What Lien Hwa Industrial Holdings does

Lien Hwa Industrial Holdings Corporation (TWSE: 1229) is a Taiwan-listed diversified investment holding company that traces its origins to a 1952 flour milling business and was reorganized into a holding structure in 2019 and rebranded to its current name in June 2024. The group operates four core business segments: (1) flour and pasta manufacturing through wholly-owned subsidiary Lien Hwa Milling Food Co., Ltd. (聯華製粉食品), Taiwan's largest flour supplier with brands Sailor (水手牌), Camel (駱駝牌), and Radish (蘿蔔牌), holding the only dual SQF Level 3 plus ISO/IEC 17025 international certifications in the Taiwan flour industry; (2) real estate through Lien Hwa Properties (聯華置產), which manages the Nangang Building (南港大樓) commercial property and a NT$20 billion, 20-year logistics center joint development with Yonglian Logistics Development; (3) IT services through MiTAC Computer (神通電腦, est. 1974) and MiTAC Information Technology (神通資訊科技, est. 2010), providing system integration and AIoT solutions for government and enterprise clients; and (4) new energy through Lien Hwa New Energy (established January 2023), following the November 2023 acquisition of a 50.9% controlling stake in Asia Hydrogen Power Co., Ltd. for NT$304 million.

The company's revenue model spans B2B flour/pasta sales to food manufacturers, bakeries, restaurants, and food service operators (with named customers including Din Tai Fung, Lao Zhen Nan, Sheng Mali, and Mark Health), commercial property leasing, recurring IT system integration contracts, and emerging hydrogen/solar green energy projects. The group's go-to-market combines direct B2B field sales for flour with channel/distributor partnerships for smaller customers, partnership-driven commercialization for new energy (including the H2GP Taiwan 2025 hydrogen education competition with Yuxiu Education Foundation and National Kaohsiung University of Science and Technology), and investor relations engagement via TWSE disclosures and securities-firm-hosted analyst conferences. Underlying technology assets include the SQF/ISO 17025-certified milling and laboratory infrastructure at the Fugang (富岡) and Yangmei (楊梅) factories, ISO 50001 energy management, ISO 14064-1 GHG accounting, ISO 14001 environmental management, ISO 45001 occupational health and safety, and approximately 1,300 kW of installed solar capacity. Consolidated FY2025 revenue was NT$13.42 billion.

The company positions itself as a multi-generational conglomerate within the Lien Hwa Shentone Group (聯華神通集團, also known as MiTAC Holdings), with leadership including Chairman Miao Feng-Qiang (苗豐強) of MiTAC Holdings, Lien Hwa Milling GM Chang Wei-Chang (張維章, promoted May 2024), and Chief of Staff Hsu Tsao-Hua (徐造華, appointed November 2023 from Taiwan Power Company). Capital allocation reflects a mature dividend policy (FY2024 total dividend NT$1.80/share) combined with strategic capital deployment into new energy and real estate asset activation.

Name

Lien Hwa Industrial Holdings

Legal name

聯華實業控股股份有限公司

Website

https://lhicholdings.com

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Lien Hwa Industrial Holdings (TWSE: 1229) is a Taiwan-listed holding company operating Taiwan's largest flour supplier (Sailor, Camel, Radish brands), commercial real estate including the Nangang Building, IT/AIoT system integration via MiTAC subsidiaries, and a new energy business focused on hydrogen and solar.

Ownership category

akta.pro rank

Product category

Flour Milling and Food Manufacturing

NAICS

Farm Product Warehousing and Storage (493130)

SIC

Food And Kindred Products (2000)

akta.pro primary industry

Noodle Manufacturing (instant, ramen, rice noodles) (AFAKABAC)

Keywords

• Flour milling products
• Pasta manufacturing
• Commercial real estate leasing
• System integration services
• Green energy solutions

Headquarters

HQ city

Nankang

HQ country

Taiwan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Flour and Pasta Manufacturing (聯華製粉食品): Manufacturing and sale of flour and pasta products under brands including 水手牌 (Sailor), 駱駝牌 (Camel), and 蘿蔔牌 (Radish). This is the core business segment and historically the largest revenue contributor. The company is Taiwan's largest flour supplier. Wheat is primarily imported (91%+ of procurement value) from countries including the US, Australia, Canada, and Dubai. The company also produces pasta products.
2. Real Estate Leasing and Property Development (聯華置產): Management and leasing of company-owned real estate including the 南港大樓 commercial complex and the 富岡物流中心 (Fogang Logistics Center) developed in partnership with 永聯物流開發. The property subsidiary generates rental income from commercial tenants and logistics operations.
3. Strategic Investments (IT/Technology): Strategic investments in technology companies including 神通電腦 (Mitac Computer, established 1975) and 神通資訊科技 (Mitac Information Technology, established 2010) which provide system integration, automation systems, application software design, and industrial computer sales. These investments contribute to consolidated revenues.
4. New Energy (新能源事業): Established in January 2023 as a dedicated entity under the group, focused on integrating all green energy solution activities and future investments, including hydrogen energy and solar power. The segment is positioned as a growth driver aligned with Taiwan's net-zero emissions goals.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Lien Hwa Industrial Holdings, established in 1952, is a publicly listed Taiwanese holding company that primarily manufactures and sells flour and pasta products through its subsidiary Lien Hwa Milling Food, operating as Taiwan's largest flour supplier under brands 水手牌 (Sailor), 駱駝牌 (Camel), and 蘿蔔牌 (Radish). In addition to its core flour business, the group operates commercial real estate leasing (Lien Hwa Properties, including the Nangang Building and Fugang Logistics Center), system integration and AIoT solutions (via MiTAC Computer and MiTAC Information Technology), and a new energy business (Lien Hwa New Energy) focused on hydrogen and solar investments aligned with Taiwan's net-zero goals.

Product overview

Lien Hwa Industrial Holdings is a diversified investment holding company with five main business segments: (1) Flour and Pasta Manufacturing through 聯華製粉食品, Taiwan's largest flour supplier with brands 水手牌, 駱駝牌, 蘿蔔牌; (2) Real Estate through 聯華置產 managing commercial properties including the Nangang Coworking Space; (3) IT/Tech through 神通電腦 and 神通資訊科技 providing system integration and AIoT solutions; (4) New Energy Business for green energy and hydrogen solutions; and (5) Investment operations. The company was established in 1952, listed on Taiwan Stock Exchange (1229), and transformed into a holding structure in 2019.

Differentiator

Problem solved

Functional benefit

Brands

• 聯華製粉 (Lien Hwa Milling): Taiwan's largest flour manufacturer with brands including 水手牌 (Sailor牌), 駱駝牌 (Camel牌), 蘿蔔牌 (Radish牌). Holds SQF Level 3 and ISO 17025 international certifications.
• 神通電腦 (MiTAC Computer)
• 神通資訊科技 (MiTAC Information Technology)
• 聯華新能源 (Lien Hwa New Energy)

Products and services

• Flour and Pasta Products (水手牌, 駱駝牌, 蘿蔔牌 brands) Manufacturing and sale of wheat flour and pasta products under brands 水手牌 (Sailor), 駱駝牌 (Camel), and 蘿蔔牌 (Radish). This is the core business segment, and the company is Taiwan's largest flour supplier. Products are sold to food manufacturers, bakeries, restaurants, hotels, and through retail channels. The company holds SQF Level 3 and ISO/IEC 17025 international dual certifications—the only flour company in Taiwan with this combination.
• Commercial Real Estate Leasing (Nangang Building, Fugang Logistics Center) Management and leasing of company-owned real estate including the Nangang Building (南港大樓) commercial complex and the Fugang Logistics Center (富岡物流中心) developed in partnership with 永聯物流開發 under a NT$20 billion 20-year cooperation. Also operates a coworking space (聯華南港-共享商務中心). The Nangang Building is a 2022 Taipei Zero Carbon Excellence Award recipient.
• System Integration Services (MiTAC Computer) System integration services, automation systems, application software design, and industrial computer sales provided by MiTAC Computer (神通電腦), established in 1974. MiTAC Computer has been included in consolidated revenue since 2019-03-28 and is one of Taiwan's leading system integration companies.
• AIoT Solutions (MiTAC Information Technology) AIoT (AI + IoT) solutions for enterprise and government clients, integrating 'cloud' and 'edge' system integration (System of System Integration) for smart city and digital transformation applications. Established in October 2010, included in consolidated revenue since 2019-03-28. Key player in Taiwan's smart city and digital transformation initiatives.
• New Energy Business - Hydrogen and Solar Solutions New energy business division focused on integrating green energy solutions and hydrogen technology investments to advance Taiwan's net-zero emissions goals. The division invests in hydrogen energy (via 50.9% stake in 亞氫動力 acquired November 2023) and operates solar power generation systems (approximately 1,300 kW installed capacity with NT$52 million investment in 2025). Also supports hydrogen education initiatives such as H2GP Taiwan 2025.

Quantifiable outcome

• Carbon emissions reduced by approximately 866 t-CO2e per year from 2025 energy efficiency investments
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• 育秀教育基金會flagshipStrategic or Co-development Partner · 21 March 2025聯華新能源 partnered with the 育秀教育基金會 (Yuxiu Education Foundation), 國立高雄科技大學, and Horizon Educational to host the H2GP Taiwan 2025 Championship - Taiwan's first H2 Grand Prix hydrogen-powered model car competition for high school students. 聯華新能源執行總監柯宗慶 serves as a key representative. The partnership supports hydrogen education and talent development for Taiwan's energy transition.
• 亞氫動力股份有限公司coreStrategic or Co-development Partner · 9 November 2023聯華實業控股 acquired a 50.9% stake (7,465,790 shares) in 亞氫動力股份有限公司 for NT$303,957,920 in November 2023. This investment represents the company's entry into hydrogen energy technology as part of its new energy business strategy. 亞氫動力 focuses on hydrogen power and fuel cell technologies, contributing to Taiwan's net-zero emissions goals.
• 永聯物流開發股份有限公司coreStrategic or Co-development Partner · 29 October 2021聯華置產 (property subsidiary) partnered with 永聯物流開發 on the 聯華富岡物流中心 asset development project. The approximately NT$20 billion project involves self-built logistics facilities on company-owned land, with a 20-year lease to 永聯物流開發 upon completion. This partnership activates idle assets and creates rental income streams.
• 僑泰興企業股份有限公司coreStrategic or Co-development Partner · 20 March 2020聯華製粉食品 entered into a strategic cooperation letter of intent with 僑泰興企業, one of Taiwan's largest flour companies (brands: 藍菊花牌, 劍蘭牌, 黃僑牌). The partnership integrates the flour operations of both companies, combining approximately 60,000 metric tons of wheat storage capacity, integrated production-sales management systems, and R&D teams. 林命嘉 of 僑泰興 was appointed chairman of 聯華製粉 in September 2021. The cooperation aims to strengthen Taiwan's flour market competitiveness and expand into Southeast Asian markets.
• 神通電腦股份有限公司 (Mitac Computer)coreStrategic or Co-development PartnerA strategic investment holding within the 聯華神通集團. 神通電腦 (established 1974) provides system integration services, automation systems, application software design, and industrial computer sales. It has been included in consolidated revenue since March 28, 2019, and is one of Taiwan's leading system integration companies.
• 神通資訊科技股份有限公司 (Mitac Information Technology)coreStrategic or Co-development PartnerEstablished in October 2010, 神通資訊科技 inherits Mitac's system integration experience and core technologies. The company provides AIoT (AI + IoT) solutions for enterprise and government clients, integrating technologies and applications across domains. It is a key player in Taiwan's smart city and digital transformation initiatives. Included in consolidated revenue since March 28, 2019.
• 聯華林德 (Lien Hwa Linde)minorStrategic or Co-development Partner聯華林德 is referenced as a collaboration partner in hydrogen energy initiatives. 聯華林德大宗氣體及清淨能源副總沈欣儒 has been quoted discussing hydrogen energy deployment and talent requirements. The company appears to be a joint venture or affiliate involved in industrial gases and clean energy.

Scale indicators9 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Nisshin Seifun Group: Japan's largest flour milling company with global operations. Comparable as an established Asian flour milling incumbent with similar product portfolio, B2B food manufacturer customer base, and international expansion footprint.
• Ting Hsin International Group: Taiwanese conglomerate behind the Ting Hsin brand family including Master Kong noodles. Comparable as a Taiwan-based diversified food group with major noodle and packaged food operations across Greater China.
• Uni-President Enterprises: One of Taiwan's largest food conglomerates with significant flour, noodles, and packaged food operations. Comparable as a major B2B food manufacturer and flour consumer/competitor with diversified branded food portfolio across Greater China and SE Asia.

Direct peers

• Wei Chuan Foods Corporation: Major Taiwanese food manufacturer producing dairy, beverages, and grain-based products. Comparable as a diversified Taiwan food company with B2B and retail channels targeting food service and household consumption.
• Chiaotai Hsing Enterprise: Taiwan's second largest flour company and Lien Hwa's strategic partner since 2021. Both companies have integrated flour operations, combined wheat storage, and shared R&D teams. Chiaotai holds brands including 藍菊花牌, 劍蘭牌, 黃僑牌. The most direct comparable in Taiwan flour milling.
• Standard Foods Corporation: Taiwan-based packaged food and ingredient company producing oils, sauces, and grain-based products for retail and food service. Comparable as a Taiwan food manufacturer with diversified branded portfolio and SE Asia distribution.
• TTET Union Corporation: Taiwanese food manufacturer specializing in edible oils, flour, and grain-based products. Comparable as a B2B grain processor serving Taiwan's food industry with similar input commodity exposure.
• Great Wall Enterprise: Taiwanese food conglomerate with flour milling, animal feed, and packaged food operations. Comparable as a vertically integrated grain processor with both commodity milling and branded food products.
• Namchow Holdings: Taiwanese food manufacturer producing flour, oils, noodles, and bakery ingredients. Comparable as a Taiwan-based flour and grain-based food manufacturer with B2B customer base and export presence in Asia.

Others

• Far Eastern Group: Taiwanese diversified conglomerate spanning textiles, retail, food (Far Eastern Department Stores, AirAsia), and infrastructure. Comparable as a Taiwanese holding company with multi-sector subsidiaries and family-controlled governance structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lien-hwa-industrial-corp-1229-

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lien Hwa Industrial Holdings