"In 1997, college 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)."
"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."
Mixue began in 1997 as a small shaved-ice shop in Henan funded by a loan from a grandmother. Zhang Hongchao and his brother Hongfu expanded the concept into Mixue Ice Cream & Tea, growing to over 53,000 global locations and surpassing McDonald's store count. The company raised HK$3.45 billion in a March Hong Kong IPO that was oversubscribed 5,000 times. Mixue scaled through franchising, a strong supply chain, and viral branding while maintaining extremely low prices. First-half 2025 revenue reached 14.9 billion yuan with 2.7 billion yuan profit, and plans include a New York City opening.
Read at Fortune
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