A healthy appetite: Penny Fang

If you’ve dined at any of Singapore’s top restaurants, there’s a high chance you’ve sampled seafood provided by Sin Hin Frozen Food, a subsidiary of Yoshimura Food Holdings Asia.

First established in Singapore by Penny Fang in 1983, Sin Hin Frozen Food grew from strength to strength thanks to its dedication to quality and innovation, first distributing local favorites such as shrimp, crab meat, scallops and frog legs, and later diversifying to more continental tastes with lobster, squid, salmon and more.

In September 2018, Sin Hin Frozen Food was acquired by Yoshimura Food Holdings Asia, a Japanese company specializing in the acquisition and management of small and medium-size enterprises in the food industry – a move that led to Fang being appointed CEO of Yoshimura Food Holdings Asia.

The journey to success

However, looking back at her journey, Fang says the road to success has never been easy.

"At the beginning, I faced severe financial constraints, outdated technology and a lack of modern management systems," she recalls.

"We had almost no money at that time, so we had to rely on bank loans and the trust of our suppliers to keep the business running.

"To gain the support of suppliers, I was transparent about the company’s challenges, which ultimately earned their trust and helped the company successfully enter the Singaporean market."

Throughout her career, Fang has always prioritized building positive relationships with suppliers by visiting farms and factories in person to identify the finest products, build trust and navigate challenges together.

"Trust is one of my most important values, so I’ve worked hard to demonstrate my sincerity and build relationships," she says.

"Likewise, when visiting suppliers in Indonesia, I work with them to introduce advanced freezing technologies they would otherwise be unfamiliar with."

For instance, one of Fang’s breakthrough successes was the introduction of mei ren xia (frozen cooked shrimp), a product that was first met with suspicion from Singapore-based customers who preferred live shrimp. Yet her persistence in educating the market paid off, mei ren xia eventually became an industry favorite, thanks to its high quality and its contribution to reducing food wastage.

"I was the first person in Singapore to launch this product," Fang confirms. "I designed the processing line from how the shrimp are caught to how they are processed. Thanks to this product’s success, it allowed us to increase our revenue by 40 percent."

Navigating crises

Now as the CEO of Yoshimura Food Holdings Asia, Fang leads the Japanese food conglomerate, which specializes in the acquisition, investment and management of small-to-medium enterprises in the food industry, with a focus on sustainable growth and innovation.

As for many companies, the COVID-19 pandemic was a significant road bump, which required Fang to take drastic action.

"During the pandemic, we didn’t know what was going to happen," she admits. "Everyone was scared of losing their jobs, so I held a meeting and said that as long as the company was here, we would not give up on our employees.

"I believe in treating employees as family members, so if we had to lower their salaries, I would lower my salary to sustain the company. By easing their concerns, I was able to retain their trust and confidence in the company."

One side effect of the pandemic is that it refocused attention on the importance of food security for many countries, notably Singapore and Japan.

By being part of the wider Yoshimura Food Holdings K.K. in Japan, Yoshimura Food Holdings Asia had the opportunity to be introduced to several other factories within the group company, some of which have special technologies and unique products.

"We are increasingly thinking about how we can develop products with a long lifespan that can be provided to the military or disaster areas; this includes frozen and ready-to-eat products," Fang reveals.

"We use advanced Japanese freezing technologies, but it is important that we understand what our clients need and want. So it’s a matter of matching the technology with the product and the customer."

Healthy, quality products

One of Fang’s core values is the importance of providing natural, healthy products, a value she feels helps differentiate her products from competitors. This has coincided with growing consumer interest in healthy products, beyond those that simply look and taste good.

However, this preference has taken time to develop, Fang explains, due to a lack of understanding about the seafood production process.

"For a lot of products in the market, a single product could have 20 different kinds of chemicals, including preservatives," she says.

"I’m very insistent that our products have to be natural and healthy, so I’ve had to spend resources to educate our consumers and clients about this.

"There’s a commercial value to this as well, since we need to compete with other companies and see how we can add value. While my values might mean we have to sacrifice some parts of the market, at the end of the day, I think it’s worth it."

Looking ahead, Fang plans to expand Yoshimura Food Holdings Asia’s operations through more mergers and acquisitions over the mid- to long-term. With her many years of experience and deep understanding of the seafood supply chain, the company is well-positioned for continued success.

"I don’t believe in just gaining something without sacrifice; I believe in achieving my goals through hard work," she insists. "My success wasn’t just an accident, but rather the result of my dedication to my career and my sense of responsibility through it.

"Entrepreneurship is a road filled with challenges, yet every difficulty is also an opportunity for growth.

"I’m never afraid of failure because I know that only through continuous trial and adjustment can we find the right direction. Every step I took was reinforced with one universal truth: that success belongs to those who dare to face challenges and embrace innovation.

"We strongly believe in the power of collaborations and synergy, which is why we invite everyone to reach out to Yoshimura Food Holdings Asia – our doors are always open for conversations of cooperation."