The new gold mine: bubble tea
In recent years, bubble tea or “bubble tea” has gained enormous popularity worldwide. This drink of Taiwanese origin already has a significant economic impact in China, and has made several business leaders billionaires.
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.
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