Yun'an Wang, the 38-year-old founder of Guming Holdings, has become the latest billionaire to emerge from China's booming bubble tea industry. Following Guming's successful IPO in Hong Kong, Mr Wang's net worth has soared to an estimated $1.2 billion, according to Forbes. Guming Holdings sells tea under the "Good Me" brand and, as of the end of 2023, held a 9.1% market share among China's top five bubble tea brands. In February 2025, the company's initial public offering (IPO) in Hong Kong raised $233 million, elevating Wang's net worth to $1.2 billion and making him a new billionaire.
The bubble tea market in China is highly competitive, with several players vying for market share. However, Wang's strategy of targeting smaller cities and townships has paid off, helping his company to stand out in a crowded market
Who is Yun'an Wang?
Yun'an Wang is a 38-year-old entrepreneur and the founder of Guming Holdings Ltd., a prominent bubble tea company in China. He comes from a humble background, with his parents operating a small retail business near the Myanmar border. He graduated with a bachelor's degree in material science and engineering from Zhejiang Sci-Tech University in 2010, the same year he opened his first tea shop in his hometown of Daxi nearly 15 years ago.
In the early days, his shop struggled to attract customers, with some days seeing sales as low as 100 yuan (approximately $18.50). To make matters worse, Wang had to rely on selling drinks to his co-founder just to make a few extra sales. However, his brand managed to thrive in the highly competitive bubble tea market. By the end of 2023, his company had emerged as the second-largest freshly made bubble tea chain in terms of both sales and number of stores.
Over the years, his brand expanded significantly, leading to the establishment of nearly 10,000 stores across China. As of September 2024, Good Me had expanded its presence to 17 provinces across China.
"The industry is always full of crazy promotions. We are already used to a price war. Every year there will be a new bubble tea brand popping up," Mr Wang said in December 2023.
The Bubble tea craze
Bubble tea, also known as boba tea, has become a global phenomenon, especially among younger generations. Originating in Taiwan in the 1980s, bubble tea has evolved into a diverse and vibrant industry, with various flavors, toppings, and textures. The craze can be attributed to several factors:
- Bubble tea offers a fun and interactive experience, with the chewy tapioca pearls (boba) and flavored tea creating a sensory delight.
- Bubble tea shops often offer a wide range of flavors, toppings, and milk options, allowing customers to personalize their drinks.
- The visually appealing and Instagram-worthy nature of bubble tea has contributed to its popularity, with many customers sharing photos of their favourite drinks on social media.
- Bubble tea has become a cultural phenomenon, especially among Asian communities, representing a connection to heritage and tradition.
