China’s insatiable appetite for bubble tea has spawned another billionaire.
Guming Holdings Ltd.’s $233 million Hong Kong initial public offering bolstered the value of the stake owned by its millennial founder, Yun’an Wang, to $1.2 billion, according to the Bloomberg Billionaires Index. Shares were sold at HK$9.94 each in the IPO.
Wang joins the growing club of Chinese bubble tea billionaires who have emerged in recent years amid soaring demand for the drinks — a $9.6 billion market in 2018 that’s forecast to balloon into $71 billion in three years. But he’s also taking his company public at a time when investors are becoming increasingly wary about pumping money into such a competitive industry, where vendors regularly engage in price wars.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.