Mixue Ice Cream & Tea

Mixue Ice Cream & Tea
TypePublic
SEHK: 2097
IndustryRestaurant
GenreIce cream parlor
Beverage
FoundedJune 1997; 29 years ago (1997-06) in Zhengzhou, China
FounderZhang Hongchao
HeadquartersZhengzhou,
Henan
,
China
Number of locations
59,823 (December 31, 2025)
Area served
Australia, Brazil, Cambodia, Hong Kong, Indonesia, Japan, Kazakhstan, Kenya, Kyrgyzstan, Laos, Macau, Mainland China, Malaysia, Mexico, Mongolia, Myanmar, Philippines, Singapore, South Korea, Thailand, Vietnam and United States
Key peopleZhang Hongchao (Chairman)
Koshigan (CEO)
ProductsIce cream, bubble tea, and tea
RevenueIncrease RMB33.56 billion ($4.95 billion) (2025)
Increase RMB7.29 billion ($1.08 billion) (2025)
Increase RMB5.9 billion ($0.87 billion)  (2025)
ParentMIXUEBINGCHENG Co., Ltd
Websitemxbc.com
Footnotes
Chinese name
Chinese蜜雪冰城
Literal meaningHoney Snow Ice City
Hanyu PinyinMìxuě Bīngchéng

Mixue Ice Cream & Tea (Chinese: 蜜雪冰城; pinyin: Mìxuě bīngchéng; lit. 'honey snow ice city', ME-shweh) is a Chinese multinational restaurant chain specializing in ice cream and tea-based drinks. It was founded in 1997 in Zhengzhou by Zhang Hongchao.

At the end of 2025, it operated almost 60,000 stores in China and overseas, making it the world's largest food-service chain by number of stores. Most locations are franchised and the company generates a large share of its revenue by supplying ingredients, equipment, and packaging to franchisees. Its menu emphasizes low-priced items such as soft-serve ice cream and milk tea.

Mixue's parent company, Mixue Group (MIXUEBINGCHENG Co., Ltd.; Chinese: 蜜雪冰城股份有限公司; pinyin: Mìxuě bīngchéng gǔfèn yǒuxiàn gōngsī), is listed on the Hong Kong Stock Exchange. The initial public offering raised about HK$3.45 billion (approximately US$444 million at the time) and the shares rose by about 40–47% on the first day of trading.

History

Mixue branch in Zhengzhou
Mixue's mascot, "Snow King" (雪王)
Exterior of a MIXUE Ice Cream & Tea store in Kotara, New South Wales, Australia
A Mixue store in New York City

In June 1997, Zhang Hongchao was studying at Henan University of Economics and Law when he opened a shaved‑ice stall in Zhengzhou using a CN¥3,000 loan from his grandmother. The stall's early success convinced him to expand, and in 1999 he opened a second stand called Mixue Bingcheng.

Due to a lack of experience, Hongchao had closed three stores in a little more than a year. Following the closure of his third store, he went to Hefei to sell tanghulu, which also failed. In spring 1999, Hongchao returned to Zhengzhou to start a new cold drink shop, though this would also be demolished; the failures of these street stalls were attributed to poor locations and ongoing urbanization.

Timeline

Mixue Ice Cream & Tea began in 1997 when Zhang Hongchao opened the first location under the Mixue name. After six relocations, the first successful Mixue Ice Cream & Tea store opened in 2003. Around 2005 or 2006, the company introduced soft serve ice cream at the price of just CN¥1, this quickly became a best-seller and its first signature product. In 2007, Mixue began franchising after opening a new ice cream shop. The following year, it established Mixue Ice Cream & Tea Trading Co., Ltd. to manage its growing network of franchises.

Mixue took its first step outside of China on September 5, 2018, with a store opening in Hanoi, Vietnam. Later that year, in November, it launched a new brand mascot, Snow King. Between May 24 and 26, 2019, the company hosted an "ice cream music festival" at Opalala Water Park in Zhengzhou, drawing over 30,000 visitors. On June 24, 2020, Mixue celebrated the opening of its 10,000th store in Yuanyang County, Henan, Xinxiang. The same year, it expanded into Indonesia with a branch in Cihampelas Walk, Bandung.

In 2022, Mixue made significant purchases of over 9,000 tonnes (8,900 long tons; 9,900 short tons) of tea, benefiting around 50,000 tea farmers, while also supporting over 11,000 franchisees and generating more than 500,000 jobs. It launched a CN¥6.5 million scholarship program across five universities in Henan and expanded into additional Southeast Asian markets, opening stores in Singapore, Thailand, Cambodia, Philippines, Laos, and Myanmar. By the end of 2022, Mixue had also entered South Korea and Japan. In February 2023, the company debuted in Australia with a store in Sydney, followed by additional openings in Melbourne and Brisbane. By the first nine months of 2023, Mixue had sold approximately 442 million ice cream cones in China.

On March 3, 2025, Mixue Group went public through an initial public offering on the Hong Kong Stock Exchange in what was then the city's largest initial public offering of the year. The company sold 17 million shares at HK$202.5 each, raising about HK$3.45 billion (US$444 million). In September 2025, Mixue began plans to open a store in the United States in New York City. On December 20, 2025, Mixue opened their first American store in Hollywood, Los Angeles, and two stores opened four days later in New York City, in Herald Square and the Hell's Kitchen neighborhood. Reviewers prominently noted the chain's low prices and that items were constantly sold out.

See also

References

  1. ↑ "蜜雪冰城吉爾吉斯斯坦三間門店開業 首店單日營業額逾3萬人幣".
  2. 1 2 3 2024 Annual Report (PDF). Hong Kong Exchanges and Clearing. April 23, 2025.
  3. ↑ Beck, Ethan (February 23, 2026). "The world's biggest fast-food chain lands in the U.S. Here's how it tastes. China's Mixue tea and ice cream empire offers $1.19 soft-serve with a side of despair". The Washington Post.
  4. ↑ "成为中国最大连锁品牌：蜜雪冰城成长史｜年度回顾_腾讯新闻" [Becoming China's Largest Chain Brand: The Growth Story of Mixue Ice Cream | Annual Review_Tencent News]. QQ News (in Chinese). January 26, 2023. Retrieved November 9, 2025.
  5. ↑ "蜜雪冰城通过聆讯：门店数全球第一，2024年终端零售额约583亿_腾讯新闻" [Mixue Ice Cream passes listing hearing: Number one in global store count, with estimated retail sales of approximately 58.3 billion yuan in 2024]. QQ News (in Chinese). February 15, 2025. Retrieved November 9, 2025.
  6. ↑ "4元柠檬水一年卖超10亿杯！蜜雪冰城是如何把价格打下来的？" [Mixue Ice Cream sells over 1 billion cups of lemonade priced at 4 yuan a year! How did they manage to drive down the price?] (in Chinese). Sina Corporation. June 9, 2025. Retrieved November 9, 2025.
  7. ↑ 蜜雪冰城今起招股，红杉、博裕、高瓴、美团龙珠等为基石，预计3月3日挂牌上市 (in Chinese). Sina Corporation. February 21, 2025. Retrieved November 9, 2025.
  8. ↑ Smith, Dave (June 2, 2025). "A 21-year-old asked his grandmother for money to open a street-food stall. Now, it's the world's largest fast-food chain, eclipsing McDonald's". Fortune. Retrieved August 15, 2025.
  9. ↑ Lee, Zinnia (March 3, 2025). "Billionaire Brothers' Chinese Bubble Tea Giant Mixue Surges In Hong Kong Debut". Forbes. Retrieved August 15, 2025. Two years later, Hongchao opened another shaved ice stall called Mixue Bingcheng, meaning 'sweet snow palace.' He first tasted success in 2005, when Mixue launched soft-serve ice cream, which became a big hit thanks to its competitive pricing.
  10. 1 2 "蜜雪冰城23年血泪创业史: 关门3次, 被拆4次, 创始人被弟弟"怼"出局_张红超" [Mixue Ice Cream's 23-year blood and tears entrepreneurial history: Closing down 3 times, being demolished 4 times, founder "challenged" out by his brother - Zhang Hongchao]. Sohu (in Chinese). Retrieved June 23, 2023.
  11. ↑ 商讯 (June 24, 2020). "蜜雪冰城门店规模破万 河南品牌走向全球_新浪河南_新浪网" [Mixue Ice Cream stores surpass 10,000, Henan brand goes global] (in Chinese). Henan: Sina Corporation. Retrieved June 7, 2023.
  12. ↑ Xu, Yi (October 13, 2020). 估值200亿、高瓴及美团系入股?蜜雪冰城紧急回应. dahecube.com (in Chinese). Retrieved June 7, 2023.
  13. ↑ Jiang, Fei (January 25, 2021). 3元/支卖到爆, 茶饮店要不要学习蜜雪冰城上冰淇淋?. jiemian.com (in Chinese). JMedia. Retrieved June 23, 2023.
  14. ↑ Toh, Michelle; Tayir, Hassan (January 4, 2024). "Two of China's bubble tea giants are gearing up for IPOs". CNN.
  15. ↑ Liu, Vivien, Vivien (February 27, 2025). "Bubble Tea Chain Bigger Than Starbucks Yields $8 Billion Fortune". Bloomberg. Retrieved November 9, 2025.
  16. ↑ Liu, Ruiyi (December 12, 2022). 透视蜜雪冰城IPO: 直营门店毛利率为负 百亿营收加盟商占绝对"优势"-新华网. Xinhua News (in Chinese). Retrieved June 23, 2023.
  17. ↑ "卷入越南, 蜜雪冰城能延续甜蜜蜜吗?" [Now embroiled in Vietnam, can Mixue Ice Cream continue its sweet romance?] (in Chinese). Sina Corporation. July 23, 2021. Retrieved June 7, 2023.
  18. ↑ 蜜雪冰城, 失去"雪王"?|蜜雪冰城|国家知识产权局_新浪科技_新浪网 (in Chinese). Sina Corporation. October 13, 2021. Archived from the original on October 13, 2021. Retrieved June 23, 2023.
  19. ↑ "2022年全球排名100连锁餐饮品牌榜单揭晓" [The 2022 global top 100 restaurant chain brands list released]. Food Talks (in Chinese). November 18, 2022. Retrieved June 23, 2023.
  20. ↑ 王勇生 (May 30, 2019). "蜜雪冰城冰淇淋音乐节罗志祥汪苏泷等20多位明星大咖精彩开唱, 现场挑战3000人同吃冰淇淋!_央广网". hn.cnr.cn. Retrieved June 7, 2023.
  21. ↑ 彭华 (June 24, 2020). 蜜雪冰城门店规模破万, 河南品牌走向全球_央广网. hn.cnr.cn. Retrieved June 7, 2023.
  22. ↑ "Mixue on the march: ice cream serves soft power for China in Southeast Asia". The Jakarta Post. Retrieved July 20, 2023.
  23. ↑ 蜜雪冰城发布2022年社会责任报告 全产业链带动超50万人就业. Weixin Official Accounts Platform (in Chinese). April 13, 2023. Retrieved June 7, 2023.
  24. ↑ "Famous Chinese Soft-Serve Chain Mixue, Opens Their First S'pore Outlet In Clementi With $1 Soft-Serve Cones!". Singapore Foodie. March 7, 2022. Retrieved December 29, 2022.
  25. ↑ "Chinese Tea Brands Including Mixue and HeyTea Eye Southeast Asia". Pandaily. November 16, 2022. Retrieved December 29, 2022.
  26. ↑ 小红书. Xiao Hong Shu (in Chinese). Retrieved December 29, 2022.
  27. ↑ "Chinese Tea Chain Mixue Enters South Korea and Japan". Pandaily. December 5, 2022. Retrieved December 29, 2022.
  28. ↑ "Chinese Tea Chain Mixue Opens First Store in Australia". Pandaily. February 15, 2023. Retrieved February 18, 2023.
  29. ↑ Dong, Irene (February 17, 2023). "Chinese tea chain Mixue opens its first Australia location, in Sydney". Inside Retail. Retrieved February 18, 2023.
  30. ↑ Reid, Suki (March 3, 2025). "How a beloved bubble tea franchise grew bigger than any other fast food chain". Honey Kitchen. Retrieved October 9, 2025.
  31. ↑ Zheng, Yiran (March 27, 2024). "Mixue's rags-to-riches tale inspirational for peer firms". China Daily.
  32. ↑ Murdoch, Scott; Yu, Sophie; Li, Jiaxing (March 3, 2025). "China bubble tea chain Mixue pops 47% on debut as Hong Kong IPO volumes rebound". Reuters. Retrieved March 3, 2025.
  33. ↑ Abrams, Sean (September 14, 2025). "The World's Largest Fast-Food Chain Is Opening In The U.S.—Find Out Where". Delish. Retrieved October 4, 2025.
  34. ↑ Provini, Celine (September 19, 2025). "World's largest fast-food chain coming to U.S. take on McDonald's". The Street. Retrieved October 4, 2025.
  35. ↑ "Mixue Group opens 1st US store in Hollywood". www.chinadaily.com.cn. Retrieved December 20, 2025.
  36. ↑ Teclemariam, Tammie (January 15, 2026). "Mixue, the World's Largest Restaurant Chain, Opens in NYC". Grub Street. Retrieved January 23, 2026.
  37. ↑ Chandonnet, Aditi; Bharade, Henry (January 19, 2026). "The world's biggest fast-food chain just landed in NYC. We tried Mixue — and the hype is real". Business Insider. Retrieved January 23, 2026.