Yun'an Wang, the founder-CEO of Guming Holdings, which sells Bubble tea under the brand name 'Good Me,' has catapulted himself into the imagination of the global corporate world.
His company hit the Hong Kong Stock Exchange with its Initial Public Offering (IPO). The company managed to raise USD 233 million in the process.
With this, Wang, a millennial, and his company hit gold, as it propelled his personal net worth to USD 1.2 billion. The boba or bubble tea maker.
It All Began Here..
The journey for the 38-year-old began about 15 years ago, when he set up his first shop in mainland China's Daxi. This is his hometown, located close to China's business centre of Shanghai.
Today Wang boasts of over 10,000 outlets across different locations.
Before becoming a billionaire, Wang and shepherding a bubble tea-making company, was an engineer.
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He completed his bachelor’s degree in engineering from Zhejiang Sci-Tech University in China's Hangzhou.
The Bubble Market
The bubble tea market is not as simple as it may seem, as it is said to be fiercely competitive market. Wang's 'Good Me', in the short span, has managed to cover a lot of ground, and is reported to be the second biggest in the market.
The market is currently led by Mixue and also has other players like ChaPanda and Auntea Jenny.
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The Boba Tea Billionaires
Interestingly, Wang is not the first to make the tea revolution happen, or bare the fruits of it.
Guming's biggest competitor, the aforementioned Mixue and its founder Zhang Hongchao, broke into the scene about 40 years ago, when at the age of 21, he set up his shop in China. Today, Zhang, 47, and his younger brother Hongfu, 39, are billionaires. Their company has staggering 36,000 stores across China.
When it comes to Guming Holdings' progress at the exchanges, the company's stock price stands at HKD 9.10, after a decline of HKD 0.20 or 2.15 per cent.
