Mixue’s ice cream and tea may be unknown to many of us, but the Chinese firm has more outlets than McDonald’s and Starbucks.
On Monday, bubble tea shares increased more than 40% on the first day of negotiation on the Hong Kong stock market.
The company raised $ 444 million (£ 352 million) to the largest initial public offer (IPO) of the financial year.
Mixue’s popularity comes, as many people in China are affecting the country’s economic challenges, including a real estate crisis and a weak confidence of consumers and business. Sells ice cream and drinks for an average of six Chinese yuans ($ 0.82; £ 0.65).
The company was founded in 1997 by Zhang Hongchao, a student at Henan’s University of Finance and Economics, as a part -time job to help his family’s finances.
His full name mìxuě bīngchéng means « Honey Snow Ice City », with their stores adorned with his snow pet and playing The official issue of the company in a loop.
According to Mixue, it has more than 45,000 stores in China and 11 other countries, including Singapore and Thailand. The firm also said he plans to continue expanding.
This is compared to « more than 43,000 locations » for 40,576 McDonald’s and Starbucks sales points.
Although it is often seen as the largest bubble tea in China, frozen drinks and ice cream chain works more like a raw material supplier than a traditional brand.
Unlike Starbucks, which operates more than half of its stores directly, almost all Mixue selling points are run by franchisees.
The fort debut at the Mixue Market contrasts with the smallest guming rival, who saw the actions slipped on the first day of negotiation in February.
Last year, the actions of the Chabaidao bubble tea owner also fell into their market debut.
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