India, Feb. 13 -- The ever-growing demand for bubble tea in China has propelled many entrepreneurs into the billionaire ranks. The latest one to join the list is the founder of Guming Holdings, Yun'an Wang. The Chinese milk tea company's IPO in Hong Kong helped the 38-year-old millennial become a new billionaire.

Forbes Asia estimates that the chairman and CEO of Guming has amassed a fortune of $1.2 billion.

Yun'an Wang is an engineer who later went on to become a founder, and now his company's IPO in Hong Kong has helped him become a new millennial billionaire. According to Forbes Asia, he completed his bachelor's degree in engineering from Zhejiang Sci-Tech University, located in Hangzhou, China.

According to Bloomberg, he opened his...