Mixue Ice Cream & Tea (Chinese: 蜜雪冰城) is a Chinese chain of ice cream and tea drink stores, headquartered in Zhengzhou, the capital of Henan province. The company is known for selling inexpensive fresh drinks, ice cream and coffee, mostly through franchised outlets, with a strong presence in lower-tier cities and towns in China. By the end of 2025 it reportedly operated close to 60,000 stores in China and abroad, a figure that would make it the largest food-service chain by store count in the world.
History
The brand traces back to June 1997, when Zhang Hongchao, then a student at Henan University of Economics and Law, opened a shaved-ice stall in Zhengzhou with a loan of 3,000 yuan from his grandmother. Several of his early street stalls failed, and sources attribute these failures to poor locations and ongoing urbanization. A successful store opened in 2003 after several relocations, reportedly near a school, where it found a strong student customer base.
A turning point came around 2005 or 2006, when the company introduced soft-serve ice cream priced at 1 yuan. The product became a best-seller and its first signature item. Franchising began in 2007, and the following year the company set up a trading subsidiary to manage its growing franchise network. In 2018 the company adopted the "Snow King" brand image, which later became part of its public identity.
The company's name has changed over time. According to one account, the first stall was known as Cold Wave Shaved Ice, and the brand name "Mixue Ice Cream & Tea" was formally adopted in 2000.
Business model and supply chain
Mixue relies on franchising to expand. Sources describe the company as having grown largely without external financing, which is unusual in the capital-intensive bubble tea sector. Its expansion has focused on lower-tier markets in China, where rents and labor costs are lower.
A distinctive feature is the company's supply chain. According to one account, it began building raw-material factories near Zhengzhou in 2007, initially to process ice cream powder and waffle cones. A larger factory for core beverage materials followed in 2012, and from 2014 the company invested in its own logistics operations to deliver materials to franchisees at low cost and with minimal delay. This vertical integration allows the company to standardize products across a large network and to keep prices low, a combination analysts have cited as a source of economies of scale.
Products and pricing
Mixue's menu includes soft-serve ice cream, fruit and milk teas, fresh fruit drinks, coffee and ice cream-based desserts. Most drinks have been sold for around one US dollar, which is central to the brand's identity. The brand's catchy theme song and its mascot have helped it build wide recognition on social media. Over time, the company has broadened its offerings, and by some accounts it has moved into coffee and beer.
The brand competes with other bubble tea and fresh-drink chains in China. Analysts have noted that price competition in the sector is intense, and that the company's growth in China may be slowing relative to its earlier pace.
Overseas expansion
Mixue opened its first overseas store in Hanoi, Vietnam, in September 2018. A branch in Bandung, Indonesia, followed in 2020. The company then expanded into Singapore, Thailand, Cambodia, the Philippines, Laos and Myanmar, and by the end of 2022 it had also entered South Korea and Japan. It opened its first store in Hong Kong in December 2023 and in the United States in 2025. According to one source, it opened its first South American store in Brazil in April 2026, and entered Kyrgyzstan in June 2026. Three stores opened in Tashkent in September 2026.
Overseas growth raises intellectual-property issues. The World Intellectual Property Organization has published a case study on how the company used the Madrid System to protect its trademark in multiple countries.
Listing on the Hong Kong Stock Exchange
Mixue's stock-market path was not straightforward. According to a 2025 academic study, the company made two earlier attempts to list, one in the mainland A-share market and one in Hong Kong, before it resubmitted an updated prospectus in January 2025 and listed successfully. The company sought about HK$3.45 billion in its Hong Kong IPO, selling 17.1 million shares at HK$202.50 each. Retail demand was very high, and the shares began trading on the Hong Kong Stock Exchange on 3 March 2025 under the code 02097.HK. The shares rose sharply after listing, peaking at HK$615.50 in June 2025, and subsequently fell back by roughly one fifth from that peak according to one analyst report.
Controversies and criticism
Mixue has faced public criticism, including concerns about food safety in its stores. Commentators have also questioned whether its low-price model can be sustained under intense competition and sluggish consumer demand in China. Its growth through franchising has drawn attention to the quality control challenges faced by large networks of independently operated outlets.
References
- Mixue Ice Cream & Teaen.wikipedia.org
- MIXUE Ice Cream & Tea（a nationwide chain brand of ice cream and tea beverages）_Baiduwikibaike.baidu.com
- The Chinese Fresh Ice Cream & Tea Brand That Exploded on The Internet with Its Theme Song, Mixue Bingcheng-FoodTalks全球食品资讯foodtalks.cn
- Mixue Ice Cream and Tea: From China’s Streets to Global Fast-Food Giantwipo.int
- The story of Mixue — a supply chain 🏭 empire built by Chinese grassrootsthe-momentum.net
- Chinese bubble tea chain Mixue aims to raise $443 million in Hong Kong IPO By Reutersinvesting.com
- Retail portion of Mixue’s IPO sets record with nearly US$206 billion in subscriptionsscmp.com
- Mixue aims to raise US$444 million in Hong Kong IPO as its juices, iced drinks take offfinance.yahoo.com
- MIXUE Group's Path to HKEX Listingitspoa.com
- Initiation Report: Mixue Grouperemosnotes.substack.com
- China's biggest bubble tea chain Mixue to raise $443m in Hong Kong IPO - Nikkei Asiaasia.nikkei.com
- Bubble-Tea Giant Mixue to Debut After HK’s Biggest IPO of Yearitiger.com