Who is Hong Kong’s latest bubble tea billionaire? 5 things to know about Yun'an Wang

Yun'an Wang started his journey with one small bubble tea shop that he opened in his hometown. Today, his tea chain has over 10,000 shops.

Updated on: Feb 13, 2025, 11:16:45 IST

By Trisha Sengupta

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The ever-growing demand for bubble tea in China has propelled many entrepreneurs into the billionaire ranks. The latest one to join the list is the founder of Guming Holdings, Yun'an Wang. The Chinese milk tea company’s IPO in Hong Kong helped the 38-year-old millennial become a new billionaire.

Founder and chairman of Guming Holdings Ltd, Yun'an Wang. (Bloomberg)

Here are five things to know about the billionaire and his company:

Yun'an Wang’s fortune

Forbes Asia estimates that the chairman and CEO of Guming has amassed a fortune of $1.2 billion.

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Engineer to billionaire founder

Yun'an Wang is an engineer who later went on to become a founder, and now his company's IPO in Hong Kong has helped him become a new millennial billionaire. According to Forbes Asia, he completed his bachelor’s degree in engineering from Zhejiang Sci-Tech University, located in Hangzhou, China.

First shop

According to Bloomberg, he opened his first tea shop nearly 15 years ago in his hometown, Daxi. It is near Shanghai with a population of under 200,000.

Building a tea shop chain

Over the years, his brand captured the taste buds of customers in various regions of China, leading to his tea chain opening nearly 10,000 stores. Despite being in an ultra-competitive landscape, his brand became the second largest fresh bubble tea maker for total sales and total number of stores in 2023, as per IPO prospectus, reported the Bloomberg.

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Market share

Guming sells tea under the “Good Me” brand, which, according to Bloomberg, has a market share of “9.1% as of the end of 2023 among China’s top five bubble brands.”

Wang, in a 2023 interview, said that the boba tea industry is “always full of crazy promotions.” He added, “We are already used to a price war. Every year there will be a new bubble tea brand popping up.”

ABOUT THE AUTHOR
Trisha Sengupta
Trisha Sengupta works as Chief Content Producer at Hindustan Times with over six years of experience in the digital newsroom. Known for her ability to decode the internet’s most talked-about moments, she specialises in high-engagement storytelling that bridges the gap between viral trends and traditional journalism. Throughout her tenure, Trisha has focused on the intersection of technology, finance, and human emotion. She frequently covers personal finance and real estate struggles in hubs like Gurgaon, Bengaluru, and Hyderabad, while also documenting the unique challenges of the NRI experience. Her work often highlights the movements and philosophies of global newsmakers and personalities like Elon Musk, Mukesh Ambani, Nikhil Kamath, Dubai crown prince, and MrBeast. From reporting on Amazon or Meta layoffs and startup culture to the emergence of AI-driven platforms like Grok and xAI, she provides a grounded and empathetic perspective on the stories shaping our world. When not decoding the internet, Trisha is likely offline: lost in a book, exploring a historical ruin, or navigating the world as a solo traveler. She balances her fast-paced career with family time and a healthy dose of curiosity, currently trading her "human" sources for silicon ones as she masters AI to future-proof her storytelling.Read More

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