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 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.
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