Cha Panda Company Chairman Wang Saugon has become one of some of the world’s most famous Arab teas after the tea was valued at $2.1 billion in a recent China funding round.

According to sources, Wang, who is a 40-year-old man, currently has a net worth of $1 billion, with 60 percent of it based on China-based startups based in Chengdu, a famous luxury city in China, in the past three years. has spread rapidly. While it has a network of more than 7,000 stores, the chain’s signature drinks include mango pomelo sago taroballity and jasmine milk green tea, with most drinks priced under $3.60.

Wang’s wife also has a fortune of more than $700 million from the company, thanks to her 33 percent stake, according to filings on the Hong Kong Stock Exchange. Also responsible for maintenance of works of Cha panda.

Cha panda’s funding round, which closed in June, was sold at 13.2 yuan ($1.8) per share to investors including CICC, Orchid Asia Shanghai Loyal and Valley Investments were included, according to the sources. The company has not yet shared any details of its launch, including the company’s timeline and size. In the analyst’s point of view, Cha panda have a need of more store to compete his competitors for which it will also need new funds

“When it comes to drinking tea, people are not loyal at all and always they choose different brands. the managing director of Shanghai-based Controlled Panel Greater China says, who has more stores will have more sales and There will also be more chances of him being face to face with his customer.

Cha Panda can be traced back to 2008 when Wang started with fruit and bubble tea from a small shop near a school known for its spicy food and home to giant foods. Over the next 10 years, Wang managed to build 531 stores by 2020, but the business really took off when he adopted the franchising model.

Cha panda’s strategy now is to develop its beverage recipes and then sell the ingredients used in it, such as fruit and tea leaves, to Cha panda-branded beverage outlets, And in doing so, it keeps China’s costs in Hong Kong lower than those of competitors such as Nayuki Holdings, which has to spend more on its store employees.

As of August this year, Cha Panda’s total number of stores stood at 7117 and the company’s prospectus said it had only six management stores in the first quarter. This year, Cha Panda earned $580.3 million, up 16 percent from last year, and the company’s profit rose 24 percent to $132 million. It is the third-largest tea shop in China by sales, according to sources.