Guming Holdings Limited (known under the brand name Good me; ) is a

publicly listed A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (li ...

Chinese

teahouse A teahouse or tearoom (also tea room) is an establishment which primarily serves tea and other light refreshments. A tea room may be a room set aside in a hotel, especially for serving afternoon tea, or may be an establishment that only ser ...

chain founded in 2010 and headquartered in

Hangzhou Hangzhou, , Standard Mandarin pronunciation: ; formerly romanized as Hangchow is a sub-provincial city in East China and the capital of Zhejiang province. With a population of 13 million, the municipality comprises ten districts, two counti ...

Zhejiang ) , translit_lang1_type2 = , translit_lang1_info2 = ( Hangzhounese) ( Ningbonese) (Wenzhounese) , image_skyline = 玉甑峰全貌 - panoramio.jpg , image_caption = View of the Yandang Mountains , image_map = Zhejiang i ...

. It focuses on lower-tier cities.

Background

In 2010, after graduating from Zhejiang Sci-Tech University, Wang Yun’an established Good me. Wang relied on his own taste buds to develop recipes, often tasting dozens of times a day. The first branch was set up in Wang's hometown of Daxi in

Taizhou, Zhejiang Taizhou is a city located at the middle of the East China Sea coast of Zhejiang province. It is located south of Shanghai and southeast of Hangzhou, the provincial capital. It is bordered by Ningbo to the north, Wenzhou to the south, and Shao ...

which had a population under 200,000. Early on, the shop was so empty that there were days when Wang would only sell around 100 yuan of tea a day even after selling some drinks to his business partner. Eventually business picked up for Good me and the company expanded via

franchising Franchising is based on a marketing concept which can be adopted by an organization as a strategy for business expansion. Where implemented, a franchisor licenses some or all of its know-how, procedures, intellectual property, use of its busines ...

. Wang knew a store didn't need luxurious decor to stand out in a small town and that bright lighting was enough. This was the approach was used for the first franchisee and would be the foundation for Good me's rapid expansion in lower-tier markets. A competitive advantage of Good me was its

cold chain A cold chain is a supply chain that uses refrigeration to maintain perishable goods, such as pharmaceuticals, produce or other goods that are temperature-sensitive. Common goods, sometimes called cool cargo, distributed in cold chains include fr ...

logistics system which enabled frequent deliveries of fresh ingredients and outpaced competitors. By the end of 2023, Good me had almost 10,000 stores and was second largest among its peers (behind Mixue Ice Cream & Tea) in terms of total sales and number of stores. In September 2024, Good me attracted controversy due to a video it released on social media. It featured staff who had their heads lowered and were handcuffed with cardboard tea cup holders. Hanging around their necks were cardboard signs stating the mistakes they made at work. Good me added the caption: “This is a warning. Next time…there will be no next time.” The video went viral and with many online users being outraged stating the lack of respect shown towards staff. One of the staff who participated in the video said it was made as a joke and no such punishment actually existed. Good me deleted the video and on 18 September issued an apology. In February 2025, Good me held its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

becoming a listed company on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

with the offering raising US$233 million. On its trading debut, its shares dropped 6.4%.

References

{{authority control 2010 establishments in China 2025 initial public offerings Bubble tea brands Companies based in Hangzhou Companies listed on the Hong Kong Stock Exchange Tea companies of China

Background

See also

References