The bubble tea popularly known as 'Boba' phenomenon in China is not just a trend, it's a business opportunity that has created several billionaires. The latest to join the ranks is Sichuan Baicha Baidao Industrial Co., the third-largest bubble tea chain in the country, which is preparing to go public amidst stiff competition.
China s Growing Ranks of Bubble Tea Billionaires bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
Key Takeaways: Chabaidao’s revenue grew 34.8% to 5.7 billion yuan in 2023, as the company has been consistently profitable over the last three years The premium tea chain operator plans to keep growing through greater penetration in lower-tier cities, expanding overseas and by diversifying into coffee
At age 21, Zhang Hongchao started peddling shaved ice treats. A quarter of a century later, he and his younger brother Hongfu have made a fortune selling soft-serve ice cream, coffee drinks and its super popular bubble tea and lemonade.
Wang Xiaokun, the founder and chairman of Cha Panda, has joined the world’s billionaire ranks after a recent funding round valued his Chinese tea chain at…