This Day, That Year: Aug 21

Editor's note: This year marks the 70th anniversary of the founding of New China.

On Aug 21, 1992, Tingyi (Cayman Islands) Holding Corp was established in Tianjin, specializing in the production and distribution of instant noodles under its brand name, Master Kong.

The group expanded operations into other foods and beverages in 1996.

In March 2012, it established a strategic alliance with PepsiCo as seen in the item from China Daily. The alliance means that the company can exclusively manufacture, bottle, package, distribute and sell PepsiCo nonalcoholic drinks.

Due to the consumption upgrade in recent years, instant noodles had been largely phased out in the Chinese market.

Sales of instant noodles in China began to drop in 2013 and reached a low point of 38.5 billion units in 2016, data from the World Instant Noodles Association showed. The market warmed up last year.

To meet clients' diversified taste, instant noodle makers have developed products with better taste, healthier recipes and more innovative cooking techniques.

Tangdaren, a brand under Uni-President China Holdings Ltd, a major beverage and instant noodle maker in China, for example, has said that it would make its soups taste like those from a noodle restaurant. Jinmailang, a domestic instant noodle maker, uses special freezing and steaming techniques to make its products more similar to freshly cooked dishes.

Last year, total consumption of instant noodles worldwide reached 103.6 billion units, of which about 40.25 billion units or 39 percent came from China, according to a report from consultancy company Ries Consulting.

Master Kong said revenue from instant noodles passed 23.9 billion yuan ($3.4 billion) last year, up 5.73 percent year-on-year, among which, high-price products grew 10.6 percent.