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.

Wang Yun’an, founder of beverage chain Good me, has become China’s latest “bubble tea billionaire” with a net worth of $1.2 billion after an initial public offering (IPO).

Guming Holdings’ US$233 million Hong Kong initial public offering (IPO) bolstered the value of the stake owned by its millennial founder, Yun’an Wang, to US$1.2 billion, according to the Bloomberg Billionaires Index. Shares were sold at HK$9.94 each in the IPO.

The bubble tea market was worth $9.6 billion in 2018 and is forecasted to grow to $71 billion in three years. Also read: Is bubble tea good for your health? Benefits and side effects, how to make it Guming Holdings sells boba tea under the ‘Good me’ brand name and targets smaller cities and townships,

Wang joins the growing club of Chinese bubble tea billionaires who have sprouted in recent years amid soaring demand for the drinks – a US$9.6bil market in 2018 that’s forecast to balloon into US$71bil in three years.

Guming Holdings Ltd.’s Chief Financial Officer Hailing Meng tells The China Show about the bubble tea maker's expansion plans and its secret sauce in a fierce market following a $233 million Hong Kong IPO.