Who Is Yunan Wang? Bubble Tea Mogul Who Has Turn into China’s Newest Billionaire

Yun’an Wang, the 38-year-old founding father of Guming Holdings, has turn into the most recent billionaire to emerge from China’s booming bubble tea trade. Following Guming’s profitable IPO in Hong Kong, Mr Wang’s internet price has soared to an estimated $1.2 billion, in response to Forbes. Guming Holdings sells tea below the “Good Me” model and, as of the tip of 2023, held a 9.1% market share amongst China’s high 5 bubble tea manufacturers. In February 2025, the corporate’s preliminary public providing (IPO) in Hong Kong raised $233 million, elevating Wang’s internet price to $1.2 billion and making him a brand new billionaire.

The bubble tea market in China is very aggressive, with a number of gamers vying for market share. Nevertheless, Wang’s technique of focusing on smaller cities and townships has paid off, serving to his firm to face out in a crowded market

Who’s Yun’an Wang?

Yun’an Wang is a 38-year-old entrepreneur and the founding father of Guming Holdings Ltd., a outstanding bubble tea firm in China. He comes from a humble background, along with his dad and mom working a small retail enterprise close to the Myanmar border. He graduated with a bachelor’s diploma in materials science and engineering from Zhejiang Sci-Tech College in 2010, the identical yr he opened his first tea store in his hometown of Daxi practically 15 years in the past.

Within the early days, his store struggled to draw clients, with some days seeing gross sales as little as 100 yuan (roughly $18.50). To make issues worse, Wang needed to depend on promoting drinks to his co-founder simply to make just a few additional gross sales. Nevertheless, his model managed to thrive within the extremely aggressive bubble tea market. By the tip of 2023, his firm had emerged because the second-largest freshly made bubble tea chain by way of each gross sales and variety of shops.

Over time, his model expanded considerably, resulting in the institution of practically 10,000 shops throughout China. As of September 2024, Good Me had expanded its presence to 17 provinces throughout China. 

“The trade is at all times stuffed with loopy promotions. We’re already used to a value struggle. Yearly there will probably be a brand new bubble tea model popping up,” Mr Wang stated in December 2023. 

The Bubble tea craze

Bubble tea, often known as boba tea, has turn into a world phenomenon, particularly amongst youthful generations. Originating in Taiwan within the Nineteen Eighties, bubble tea has advanced into a various and vibrant trade, with varied flavors, toppings, and textures. The craze may be attributed to a number of elements:

• Bubble tea affords a enjoyable and interactive expertise, with the chewy tapioca pearls (boba) and flavored tea making a sensory delight.
• Bubble tea outlets typically supply a variety of flavors, toppings, and milk choices, permitting clients to personalize their drinks.
• The visually interesting and Instagram-worthy nature of bubble tea has contributed to its recognition, with many purchasers sharing pictures of their favorite drinks on social media.
• Bubble tea has turn into a cultural phenomenon, particularly amongst Asian communities, representing a connection to heritage and custom.