The Chinese bubble tea boom has lifted several entrepreneurs into billionaire ranks, the latest of whom is Yun’an Wang, founder of ‘Guming Holdings’. The 38-year-old millennial watched his fortune balloon after the company listed on the Hong Kong stock market in an initial public offering.

Here are five interesting facts about the newest millennial billionaire:

Related News

A $1.2 Billion Fortune

As per Forbes Asia, Wang, who is also chairman and CEO of Guming, now stands with an estimated fortune of $1.2 billion.

From Engineer to Entrepreneur

Wang had been an engineer before venturing into the tea industry. He studied and obtained his bachelor’s degree in engineering from Zhejiang Sci-Tech University, Hangzhou, China, before turning entrepreneurial. His entrepreneurial success has today made him China’s youngest billionaire.

Yun’an First Shop

Wang started his entrepreneurial venture about 15 years ago when he started his very first tea shop in his home town, Daxi, which is a small town of less than 200,000 people near Shanghai, as reported by Bloomberg. Over time, Guming gained popularity among tea lovers in different regions of China.

China’s second-largest fresh bubble tea brand

Although it is in a highly competitive market, Guming expanded extremely rapidly, and as of 2023, it had emerged as China’s second-largest fresh bubble tea brand by total sales and number of stores.
The company currently has almost 10,000 stores across the nation, according to its IPO prospectus as quoted by Bloomberg.

Market Share and Industry Trends

Guming sells its beverages under the “Good Me” brand, which had 9.1% of China’s top five bubble tea brands’ market share as of the close of 2023, according to Bloomberg.

Referring to the competitive nature of the business, Wang said during an interview in 2023: “We are already used to a price war. There will be a new bubble tea brand every year.” He went on to add that the business is “always full of crazy promotions.”