Yun’an Wang’s rise to success
Yun’an Wang started his journey with one small bubble tea shop in his hometown. Today, his tea chain has over 10,000 stores, making him one of the newest billionaires in the bubble tea industry.
The growing demand for bubble tea in China has propelled many entrepreneurs into the billionaire ranks. The latest to join the list is Yun’an Wang, the founder of Guming Holdings. The Chinese milk tea company’s IPO in Hong Kong helped the 38-year-old millennial reach billionaire status.
Five things to know about Yun’an Wang and his company
1. Yun’an Wang’s fortune
According to Forbes Asia, Yun’an Wang, the chairman and CEO of Guming, has accumulated a fortune of $1.2 billion.
2. Engineer turned billionaire founder
Wang initially pursued a career in engineering before venturing into business. He earned a bachelor’s degree in engineering from Zhejiang Sci-Tech University in Hangzhou, China.
3. His first tea shop
Wang opened his first tea shop nearly 15 years ago in his hometown, Daxi, a small town near Shanghai with a population of under 200,000.
4. Building a tea empire
Despite entering an ultra-competitive market, Wang’s brand grew rapidly, establishing nearly 10,000 stores across China. According to Bloomberg, Guming became the second-largest fresh bubble tea maker in 2023 in terms of total sales and store count.
5. Market share and industry competition
Guming sells tea under the “Good Me” brand. As per Bloomberg, it had a 9.1% market share among China’s top five bubble tea brands by the end of 2023.
In a 2023 interview, Wang described the bubble tea industry as “always full of crazy promotions.” He noted, “We are already used to a price war. Every year there will be a new bubble tea brand popping up.”