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Bubble-Tea Chain Bigger Than Starbucks Yields $8 Billion Fortune

Wealth

Filipe Pacheco, Pui Gwen Yeung, Lulu Shen

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February 27, 2025

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Bloomberg

In the late 1990s, university student Zhang Hongchao opened a cold drinks stall in Zhengzhou, a city of about 13 million in central China. A decade later, his younger brother joined the business.

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