The new gold mine: bubble tea

Business Insider reports that there are at least six entrepreneurs in China with fortunes exceeding $1 billion, thanks to the explosive growth of the bubble tea industry. The drink was born in Taiwan in the 1980s and is a tea-based drink with tapioca “bubbles” that provide a unique experience using the extra-thick straw.

The success of bubble tea chains exemplifies market opportunities and rising valuations. Sichuan Baicha Baidao Industrial Co., China’s third-largest bubble tea chain, is set to debut on the Hong Kong stock market soon, expecting more than $300 million in revenue, according to Bloomberg. The move values the company at nearly $4 billion, and the IPO is the biggest such event in Hong Kong in months.