Imagine a world where the biggest food-and-drink chain isn’t McDonald’s or Starbucks, but a Chinese ice cream and tea empire called Mixue. Founded in 1997 by Zhang Hongchao in Zhengzhou, Henan, this unassuming brand has exploded to over 45,000 locations, mostly in China and Australia, dwarfing its American rivals. With McDonald’s at around 40,000 stores and Starbucks hovering between 38,000 and 40,000, Mixue’s rapid rise is a testament to its franchise-driven growth, tapping into markets across Southeast Asia and beyond with affordable treats that resonate in tough economic times.
The numbers tell a compelling story of Mixue’s ascent. On March 3, 2025, the company raised $444 million in a Hong Kong IPO, with shares soaring over 40% on debut day, closing 43% above the initial price of HK$202.50. Valued at over $10 billion, Mixue has captured investor enthusiasm, reflecting confidence in its low-cost model. Offering ice cream and sweet drinks for about 83 cents in China, the chain has doubled its footprint in just two years, thriving as consumers tighten budgets amid a slowdown where China’s GDP growth dipped to 2.4% to 2.8% in 2024.
What sets Mixue apart isn’t just its size or price—it’s the quirky charm of its mascot, Snow King. Picture a pudgy, white snowman in a red cloak and crown, often compared to the Pillsbury Doughboy, but with a chaotic streak that’s made it a viral sensation. From headstands in Singapore to playful antics elsewhere, Snow King has become a cultural icon, boosting Mixue’s appeal among younger crowds. This playful branding complements its dirt-cheap offerings, like ice cream cones once sold for 28 cents, cementing its status as a go-to for cost-conscious fans.
Mixue’s story is one of timing and strategy. China’s economic challenges, with growth projected to inch up to 3-4.5% in 2025, have fueled demand for affordable indulgences, and Mixue delivers with prices that beat out regional competitors. In Singapore, drinks range from $1.10 to $2.90, while Malaysia sees items at $1.24, adapting to local markets while keeping costs low. As it expands globally, Mixue faces competition and regulatory hurdles, but its knack for blending affordability with a memorable identity suggests it’s here to stay, redefining the fast-food landscape one scoop at a time.
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