Mixue's Hot Streak

The chain known for chilled drinks, ice cream, and cool prices now has more stores than McDonald's.

- BY THEODORA YU

IN 1997, college student Zhang Hongchao opened a small shaved-ice store in Henan, then one of China's poorest provinces, with money lent by his grandmother. Nearly 30 years later, Zhang and his brother Hongfu, Mixue's CEO, are worth some $8.2 billion each. Zhang's shaved-ice store, now called Mixue Ice Cream & Tea and known for its soft serve and beverages, has more locations globally (53,000) than McDonald's (43,500). Its IPO in March on the Hong Kong Stock Exchange raised HK$3.45 billion ($450 million)—the fifth largest in Hong Kong in the first half of 2025—and was oversubscribed 5,000 times. Mixue is expected to open its first U.S. location in New York City, having reportedly signed a 10-year lease on Canal Street.

Mixue's rapid scaling around the world reflects the strength of its supply chain, its growth via a franchise model, and its viral branding, but it also speaks to the remarkable staying power of Zhang's early decision to win over cost-conscious buyers with an ice cream cone that costs just 15 cents.

FOR THOSE in the know, a Mixue store is instantly recognizable. Its glowing logo and signature red interior drew a crowd on a Friday afternoon in November in Hong Kong's central shopping district. In a city known for its luxury shopping, Mixue's menu prices also stand out: a juicy grape burst for the equivalent of $1.67, pearl milk tea for $2.06, and soft-serve ice cream for 64 cents, cheaper even than McDonald's $1.09 Sundae cone. On a poster, the brand's mascot, Snow King, holds a milk tea and winks. “With Mixue in hand, joy is grand,” it reads.