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 $2.1 billion.
Wang, 40, currently has a net worth of $1.1 billion, according to Forbes estimates. His fortune is based on a nearly 60% stake in the Chengdu-based beverage chain, which has expanded rapidly over the past three years to where it now has a network of more than 7,000 stores. The chain’s signature beverages include mango pomelo sago, taro bubble tea and jasmine milk green tea, most of which are priced at $3.60 or less.
Wang’s wife, Liu Weihong, has also amassed a sizable fortune of $700 million based on her 33% stake in the company. Liu chairs a supervisory committee and is responsible for supervising Cha Panda’s daily operations, according to a preliminary prospectus filed with the Hong Kong Stock Exchange. The company didn’t respond to an emailed request seeking comment…
