Wang Yun’an, founder of beverage chain Good me, has become China’s latest “bubble tea billionaire” with a net worth of $1.2 billion after an initial public offering (IPO).
The Hong Kong IPO of Guming Holdings, which operates the chain, has raised $233 million, pushing up the wealth of the 38-year-old founder, according to Bloomberg.
 |
People hold cups of Good me tea. Photo courtesy of Guming Holdings |
Guming operates nearly 10,000 Good me stores across China. It saw revenue rising 15.6% year-on-year to CNY6.4 billion (US$878 million) in the first nine months of 2024.
Wang is the latest Chinese billionaire to emerge from the booming bubble tea industry, a market projected to grow from $9.6 billion in 2018 to a staggering $71 billion within just three years.
In April last year, Sichuan Baicha Baidao Industrial, the maker of Chabaidao tea, listed its shares in Hong Kong, giving its husband-and-wife founders Wang Xiaokun and Liu Weihong a combined wealth of $2.7 billion, which has since dropped by nearly half.
Mixue Group, the biggest food and beverage chain in the world with 45,300 stores, plans to raise $500 million through a Hong Kong IPO.
Its founding brothers Zhang Hongchao and Zhang Hongfu had a net worth of $1.5 billion each in April 2024.
