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Guming Holdings mainly engages in the production and sale of ready-made beverages. The company primarily opens stores and operates under the brand name ‘the Good me’ via a franchise model. It was incorporated in 2010.
Yun’an Wang is the newest billionaire of China.
Bubble tea industry is booming in China with many private players milking the opportunity by becoming immensely rich. One such case that caught the eye was Yun’an Wang who became the new billionaire in the country. His wealth skyrocketed, majorly in the form of stockholding following the listing of his company in the Hong Kong exchange on Wednesday.
Wang is the chairman and CEO of Hangzhou, Zhejiang-headquartered company Guming Holdings. According to a Forbes report, Wang’s fortune hovers around $1.2 billion (or Rs 10,426 crore) post the launch of IPO.
Who is Yun’an Wang?
Wang opened the first Guming store in his hometown of Daxi in Zhejiang Province in 2010 after graduating from Zhejiang Sci-Tech University with a bachelor’s degree in engineering, according to a report by Forbes citing local media reports.
Guming Holdings Sells 182.4 Million Shares In IPO
Guming Holdings brought its Initial Public Offering (IPO) by offloading 182.4 million shares at HK$9.94 each. The retail portion of the IPO was oversubscribed by 195 times.
However, the listing of the IPO on the Hang Sang Index remained lukewarm at HK$10. Following the debut, the stocks fell as low as HK$8.93, reflecting profit booking by the investors.
Gumming earlier increased the number of shares for sale in the IPO following the strong demand from the investor side.
Guming Holdings Runs On Franchise Model
Guming Holdings mainly engages in the production and sale of ready-made beverages. The company primarily opens stores and operates under the brand name ‘the Good me’ via a franchise model. It was incorporated in 2010.
It sells milk-tea ingredients and charges training fees to its franchises.
Guming Holdings’ revenue for the first nine months of 2024 jumped by 15.6% Year-on-Year to 6.4 billion yuan. On the profit front, it was 1.1 billion yuan, up 11.8 per cent from the same period a year earlier.
Guming’s Good me has a market dominance of 9.1 per cent by the end of 2023, making it among the top brands in the bubble tea industry followed by the leader Mixue having 20 per cent share.
