Taiwanese food companies that expanded into China are mostly losing money there, and only one big name is still doing well.

• Ten of the seventeen listed food companies with China operations have lost more than they put in, wiping out their original investment.
• Uni-President earned the bulk of the profits — more than 80% of the whole group's China earnings this year.
• China's economy has slowed and people are spending less, while local rivals fight brutal price wars.
• Old Taiwanese brands like Heysong, Taisun and AGV are deep in the red, and the "made in Taiwan" premium no longer commands higher prices.
• Standard Foods swung to a big loss as raw material costs rose and shoppers traded down to cheaper products.

Outlook: Without a pickup in Chinese consumer spending, most of these companies will keep bleeding money in China while Uni-President stays the lone winner.