Mixue ice cream and tea may not be familiar to many of us, but Chinese companies have more stores than McDonald’s and Starbucks.
On Monday, the share of the bubble tea chain increased by more than 40% as it started trading on the Hong Kong Stock Exchange.
The company raised $ 444M (352m) in the biggest early competition (IPO) of Financial Hub.
The popularity of the mix occurs when many people in China are in the economic challenge of the country, including real estate crisis and weak consumers and business trust. It sells an average of six Chinese comfort ($ 0.82; £ 0.65) on average ice cream and drinks.
The company was established in 1997 as a part -time job to help the family finances by Zhang Hongchao, a student at the Henan University of Finance and Economics.
Full name Mìxu M bīngchéng means “honey snow Ice City” and play with shops decorated with snow King Mascot Company’s official theme song In the loop.
According to Mixue, there are more than 45,000 stores in 11 countries, including China, Singapore and Thailand. The company also said it plans to continue to expand.
This is compared with the “more than 43,000 locations” of 40,576 outlets of McDonald’s and Starbucks.
It is often regarded as the largest bubble tee, ice drink and ice cream chain in China, but it is similar to a primitive material supplier than a traditional brand.
Unlike STARBUCKS, which operates more than half of the store, almost all Mixue stores are operated by franchises.
Mixue’s strong market debut saw the stock price slipped on the first day of trading in February.
Last year, the owner’s shares of the Bubble Tea Chain Chabaidao also debuted in the market.
