This boba chain you’ve never heard of has more outlets than McDonald’s
CNN
Two decades ago, a modest snack stall in the middle of one’s China poorest provinces saw its business take off after selling cut-price soft serve for just 15 cents (1 yuan) per cone. Today, it has overtaken McDonald’s and Starbucks as the world’s largest food and beverage chain by number of stores.
Two decades ago, a modest restaurant in the middle of one’s China poorest provinces saw its business take off after selling cut-price soft serve for just 1 yuan (15 cents) per cone. Today, it has overtaken McDonald’s and Starbucks as the world’s largest food and beverage chain by number of stores. Mixue Bingcheng, which means honey snow ice city, now boasts over 45,000 outlets worldwide as of last September. The budget-friendly drinks giant, which is now better known for its bubble tea offerings, saw its shares jump more than 40% on Monday in its first day of trading in Hong Kong, after having raised $444 million last week in an initial public offering, according to the Hong Kong Stock Exchange. “The demand from retail and Institutional Investors have been strong, as was expected,” said Devi Subhakesan, co-founder at equity research firm Investory Pte. It was the biggest listing in Hong Kong so far this year, and the fifth-largest in the past year, according to the stock exchange. With its signature drinks priced between 2 to 8 yuan (30 cents to $1.20), a catchy theme song and a snowman mascot, Mixue has attracted a massive customer base across China since its founding in Henan province nearly three decades ago. Born into an impoverished family, Zhang Hongchao, the founder of Mixue, has said his strategy is simple. “Let people around the world eat well and drink well for just two American dollars,” he has previously told Chinese state media.
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