Mixue Ice Cream and Tea might not be well-known everywhere, but it has more shops than McDonald’s and Starbucks combined. Recently, the bubble tea chain’s shares soared almost 30% when they debuted on the Hong Kong Stock Exchange.
In their initial public offering (IPO), Mixue raised a whopping $444 million, marking it as the biggest IPO of the year in Hong Kong. The chain offers affordable treats, with ice creams and drinks averaging six Chinese yuan, which is about $0.82 or £0.65.
Founded in 1997 by Zhang Hongchao while he was a student, Mixue started as a way to help his family financially. The name Mìxuě Bīngchéng translates to “honey snow ice city.” The stores proudly feature their Snow King mascot and play a catchy theme tune on repeat to create a fun atmosphere.
Today, Mixue boasts over 45,000 stores, not just in China but in 11 other countries, including Singapore and Thailand. The chain aims to keep expanding, highlighting its rapid growth in the beverage and dessert market.
To put it in perspective, Mixue has outpaced McDonald’s, which has over 43,000 locations, while Starbucks follows with around 40,576 outlets. Mixue operates differently; instead of tightly controlling its stores like Starbucks, most Mixue outlets are run by franchisees.
The positive reception of Mixue’s stock contrasts sharply with smaller rivals. For instance, Guming’s shares dropped shortly after their market debut in February, and last year, the owner of Chabaidao, another bubble tea brand, also faced a disappointing launch.
In a landscape filled with options, Mixue’s unique business model and affordable treats have helped it thrive, even amid economic challenges in China. As the company continues to grow, it remains a fascinating player in the global tea and ice cream business.
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