Chinese Bubble Tea Giant Mixue Sees 43% Surge in Hong Kong IPO Debut

Mixue Bingcheng, the world's largest food and beverage chain by store count, raises $444 million to fuel expansion and supply chain upgrades.

Mixue Bingcheng, known for its low-cost bubble teas and ice cream, now operates over 45,000 outlets globally, surpassing McDonald's and Starbucks in store count.
The company raised $444 million in its Hong Kong IPO, with shares jumping 43% on the first trading day, giving it a market cap of $14.1 billion.
Founded in 1997 by Zhang Hongchao, Mixue grew from a small shaved ice stall in Henan province to a global franchise empire, with 99% of outlets franchised.
Revenue rose 21% year-on-year to $2.6 billion in the first nine months of 2024, while net profits increased by 42% to $479 million during the same period.
Mixue plans to use IPO proceeds to expand its supply chain and production capabilities, focusing on overseas growth to counter intense competition in China's bubble tea market.