Synopsis
Mixue Bingcheng surpassed McDonald’s and Starbucks to become the largest food and beverage chain by store count. Shares jumped over 40 percent in its Hong Kong stock debut. Its affordability strategy and extensive franchise network led to rapid expansion. Mixue now has over 45,000 outlets and focuses on budget-friendly offerings. TIL Creatives Chinese ice cream and bubble tea maker Mixue. (Image created by AI for representation purpose) Mixue Bingcheng, a Chinese beverage chain, debuted on the Hong Kong Stock Exchange Monday, seeing its shares surge over 40%. The company raised $444 million in its initial public offering last week, making it the largest listing in Hong Kong this year. Mixue now has over 45,000 stores globally, surpassing McDonald’s and Starbucks in number of locations.
From Modest Beginnings to Global Expansion Founded in Henan province nearly three decades ago, Mixue started as a small shaved ice shop before pivoting to selling soft-serve ice cream for just 1 yuan (Rs 12) per cone. Over time, it expanded its product range to include bubble tea, which became its most popular offering. The signature drinks are priced between 2 to 8 yuan (30 cents to $1.20) with a catchy theme song and a snowman mascot.
Affordable Pricing Drives Growth
Mixue’s success has largely been driven by its affordability. Founder Zhang Hongchao previously said, “Let people around the world eat well and drink well for just two American dollars.” This pricing strategy has attracted a vast customer base, particularly in China, where economic conditions have impacted consumer spending. Wang Li, a 42-year-old retail worker in Hong Kong, said, “I don’t even bother checking the price,” when purchasing Mixue products.