China’s boba tea craze makes another billionaire: Meet Yun’an Wang, whose net worth rose to $1.1 BN in one day

The craze of bubble tea in China has put many entrepreneurs among billionaires. The last complement to the growing list is Yunan Vang, the initial public proposal of the Guming Holdings LTD, the 38-year-old Million Milk Million Milic Million Milic Milk, the Jemalov’s place in the Chinese drink industry.

On Wednesday, Hong Kong IPO missed Wang’s net worth $ 1.1 billion, according to Bloomberg billionaire index, even as Guming shares were 6.30 due to $ 6.30.

Who is Wang?

Before becoming a business, Mogul, Junan Wang was an engineer. He graduated from the University of Keechyan’s Know-Technology, where he received an engineering degree. After the study, Wang jumped into the business world, opened its first Bubble Tea store in 2010.

Wang’s business trip

According to Bloomberg, Wang’s business trip started in Daxi, a small town near Shanghai with a population of less than 200,000. The early days were far from the glamorous, but his persistence faded. Over the next decade, the gossip holding was aggressively expanded throughout China, opening about 10,000 stores in many states.

Guming sells her tea under the “Good Me” brand that has become home name in Bubble Tea Lovers. As of 2023, the brand occupied a 9.1% market share in the top five in the Bubble Tea of ​​China according to Bloomberg. Guming’s IPO’s IPO IPO discovered that I was good Now the second largest fresh bubble tea maker in China is With total sales and stores, following only one competitor.

Billionaires growing market and growing club

Wang is not alone in the victory of his bubble tea. The demand for beverages is usually a mixture of tea, fruits, tapiosis or milk, has been on the rise tears in recent years, turning multiple entrepreneurs into billionaires. By 2018, the bubble tea market in China was already appreciated $ 9.6 billionwith predictions that need to grow $ 71 Billion in just three years. Basic players like Chabaidao and Mixue Group have been entertained for expansion, each basis is huge chains of stores.

But this boom comes with a tougher test by investors. Fears Price wars And ruthless stimulation in a more and more competitive industry around these public debuts. A shocking example of Chabaidao’s IPO in April of Last year, the price of the stocks almost assumed that the bubble bubble could spill as fast as it blows.

Boba craze

Although the bubbles came from Taiwan as a sweet treatment, the drink developed dramatically on the Chinese continent. Companies offer to offer healthier hypotheses, replacing sugary powders with real fruits, fresh juices and even low calorie milk. Such diversity provides a wide range of customers, people who are looking for a conscious segregation of health looking for light sweet fruit tea mixtures.