Can boba tea make you a billionaire? Hong Kong millennial gives proof
Hindustan TimesChina has an insatiable appetite for boba, or bubble tea. Yun’an Wang has become Hong Kong's latest billionaire after a bubble tea-making company's IPO Guming Holdings recently launched a $233-million IPO, which increased the net worth of its own Founder, Yun'an Wang, to $1.2 billion, making him a part of the billionaires club, according to Bloomberg data. Guming Holdings sells boba tea under the ‘Good me’ brand name and targets smaller cities and townships, where bubble tea is not readily available. Since then, rapid growth has helped his company expand to nearly 10,000 stores and emerge as the second-largest brand among freshly-made bubble tea makers in terms of total sales and number of stores by the end of 2023. Guming’s Good me had a market share of 9.1% as of the end of 2023 among China’s top five bubble brands, trailing only Mixue’s 20%, according to the research.
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