China Has a New Bubble Tea Billionaire

38-year-old Wang Yun'an, founder of Guming Holdings and the bubble tea brand Good me, became a billionaire after the company's Hong Kong stock exchange listing on February 12th. Forbes estimates Wang's net worth at $1.2 billion, thanks to his stake in Guming, which raised $233 million from its initial public offering. Guming, primarily operating through a franchise model, has nearly 10,000 Good me locations across China. Wang, an engineering graduate, started with a single shop in his hometown, selling fresh fruit drinks for $1.4-$2.8 each. Despite initial struggles, Good me became the second-largest bubble tea chain in China by the end of 2023. Guming's revenue reached 6.4 billion yuan in the first nine months of 2024, a 15.6% year-over-year increase. While competitors focus on major cities, Guming's unique strategy targets smaller cities and towns, contributing to its success in the competitive fresh mango drink market.