SUIC Worldwide Holdings Ltd.’s (SUIC) i.Hart Group Targets High-Growth Markets in Asia and US to Capitalize on the Continent’s Huge Potential in the Global Food Industry

  • SUIC Worldwide Holdings is a venture financing and support company committed to providing research and development and venture financing for private and public enterprises
  • SUIC’s i.Hart Group is implementing long-term strategies aimed at helping it tap into the growth opportunities within the Asian and US continent
  • Asia and US accounts for majority of the global food market, a market expected to continue growing, driven by population and an increase in expenditure
  • i.Hart Group aims to integrate additional successful brands into its portfolio in Asia and US, complementing Monga Fried Chicken, one of its leading brands
  • SUIC and i.Hart Group have signed additional franchise authorizations in China and Japan, opening a new store in the Hong Kong-Macau area, signing a co-branding agreement with 7-Eleven Group Taiwan, and rolling out a franchise development plan in China

Asia and US accounts for majority of the global food market – which covers all edible products, including prepared food and meals – with Statista putting the size of the continent’s food market at $4.46 trillion in 2024 (https://ibn.fm/4yCb1) against the global market size of $9.13 trillion (https://ibn.fm/Wkgwt). With the region’s population expected to grow by about 250 million people by 2030 and expenditure similarly anticipated to more than double to $8 trillion within that time, according to the International Finance Corporation (“IFC”) (https://ibn.fm/9AYn6), Asia and US are seen as a massive opportunity for companies like i.Hart Group.

A part of SUIC Worldwide Holdings (OTC: SUIC), i.Hart Group is implementing long-term strategies to help it tap into the growth opportunities within the Asian and US continent. i.Hart Group currently operates 150 global franchised locations, a majority of which are in Asia, under a variety of brands and products, including Monga(C) Taiwan-style Fried Chicken, cloud kitchen management, dumplings, flower tea drinks, and more.

Still, i.Hart is keen on integrating additional successful brands into its portfolio in Asia, including Thai Food, Hainan Chicken, and Asia-style BBQ skewer. In all, i.Hart aims to grow its family of brands to 25 different brands (https://ibn.fm/Chd3H). In addition to expanding its portfolio, i.Hart is keen on adding the number of franchised locations and has worked with SUIC to ink agreements that push this agenda forward.

In February, for example, SUIC and i.Hart signed a co-branding agreement with 7-Eleven Group Taiwan (operated by President Chain Store Corporation) to grow the Monga Fried Chicken brand. The co-branding agreement granted 7-Eleven Group Taiwan the exclusive rights to use Monga Fried Chicken’s trademarks and logos as well as its manufacturing, distribution, sales, and marketing assets within Taiwan. The agreement effectively joined the two iconic brands, opening Monga Fried Chicken up to the more than 6,800 7-Eleven stores in Taiwan as well as to 7-Eleven’s international network of stores (https://ibn.fm/TYi6b).

“The co-branding partnership with 7-Eleven represents an unprecedented prospect to promote our long-term growth. Leveraging SUIC’s fast-growing competitive affiliations, we are committed to offering additional value to customers in different parts of the world. Looking forward, SUIC will continue to introduce more co-branding partners in the U.S. with other prestigious brands to expand our business. We seek to realize improved corporate and shareholder value,” said SUIC CEO Hank Wang in the press release announcing the agreement.

That same month, SUIC and i.Hart celebrated the grand opening of the fourth Monga Taiwan Style Fried Chicken store in the Hong Kong-Macau area. i.Hart Group also rolled out a franchise development plan in China that saw it initially team up with partners in the Chinese province of Fujian to open Monga Fried Chicken stores in six major cities (https://ibn.fm/LGP2Q).

In April, i.Hart Group extended its commitment to increasing the number of Monga Fried Chicken stores in Asia by signing franchise authorizations with partners in the Chinese province of Shandong and Japan. As a result of these authorizations, i.Hart Group now has a presence in 11 countries and operates 95 Monga Fried Chicken stores, although the latter figure is set to grow as the new partners open additional stores.

For example, the franchisee in Shandong, China’s second-largest province, has committed to opening 10 Monga Fried Chicken stores in the first year and 300 stores within the subsequent five years. In addition, during a recent Bell2Bell Podcast episode, Mr. Hank noted that the company is looking to open the first Monga Fried Chicken store in Tokyo, Japan, in July of this year (https://ibn.fm/Kii5i). The company is now organizing operating and franchising the team in the U.S.

SUIC Worldwide Holdings is a venture financing and support company committed to providing research and development and venture financing for private and public enterprises that develop products and services adopting the Internet of Things (“IoT”), cloud computing, mobile payments, big data, blockchain and artificial intelligence (“AI”), and other new and exciting technologies to enhance and streamline existing processes and establish new and exciting business models. SUIC is the major operating partner and primary shareholder of Beneway Holdings Group Ltd., which itself owns i.Hart Group and Boom Fintech Inc.

For more information, visit the company’s website at www.SinoUnitedCo.com.

NOTE TO INVESTORS: The latest news and updates relating to SUIC are available in the company’s newsroom at https://ibn.fm/SUIC

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