Mixue: The Bubble Tea Giant Surging in Stock Market Debut

Sat Oct 25 2025 02:39:32 GMT+0300 (Eastern European Summer Time)

Chinese bubble tea chain Mixue sees a 40% share price boost after a successful IPO in Hong Kong, raising $444 million.

Mixue Ice Cream and Tea, a rising giant in the beverage world, has overtaken major brands like McDonald's and Starbucks by opening more than 45,000 stores. As the company navigates China's economic challenges, its unique business model and popular offerings are key to its expansion plans.

Mixue Ice Cream and Tea may not be a household name yet, but in the world of bubble tea, it's a powerhouse. This Chinese chain, which specializes in ice cream and drinks, just made a splash on the Hong Kong Stock Exchange, with shares soaring 40% on their debut. By successfully raising $444 million, Mixue marked this as the biggest initial public offering (IPO) in Hong Kong for the year.

Founded in 1997 by student Zhang Hongchao, Mixue started as a side job to help his family's finances. The company name, Mìxuě Bīngchéng, translates to "honey snow ice city," and its stores feature a playful Snow King mascot and catchy tunes.

With over 45,000 locations across China and 11 other countries—including Singapore and Thailand—Mixue has outnumbered well-known brands like McDonald's and Starbucks, which have around 43,000 and 40,576 locations, respectively. Unlike Starbucks, which manages many of its stores directly, Mixue operates primarily through franchisees, allowing for rapid expansion.

This stock market success highlights a sharp contrast with smaller competitors like Guming, which faced share drops on their market debuts, sparking conversations about the sustainability of the bubble tea boom in a challenging economic environment.