How a beloved bubble tea franchise grew bigger than any other fast food chain

If you've ever wondered what the world's number one fast food chain is, McDonald's, KFC or Subway might come to mind – but you would be in for a surprise. 

A Chinese bubble tea chain, Mixue Ice Cream & Tea, has officially taken the crown and beaten out its biggest competitors in a matter of years. 

Boasting more than 45,000 outlets worldwide, it has more stores than Starbucks, but what is this fast food chain, and why is it so popular? 

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What is it? 

Mixue (pronounced "mee-shway") was founded in 1997 by Zhang Hongchao in Zhengzhou, Central China's Henan province, and quickly rose to prominence.

Zhang was still a university student when he opened the store, and sold shaved ice and cold drinks to help his family before expanding into tea-based beverages. 

The menu includes everything from soft serves and sundaes to fruit teas, milk teas and milk foam drinks.

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Its full name, Mìxuě Bīngchéng, means "honey snow ice city," which is referenced in its lovable mascot, the Snow King. This cute creature is said to have further contributed to the business's profitability and success. 

According to China Daily, Mixue started as a small store and has since sold 5.8 billion cups of beverages across 12 countries, lining the pockets of its owners handsomely. 

The chain's founder, Zhang Hongchao, and his younger brother, Zhang Hongfu, reportedly have a combined net worth of AU$13 billion.

In 2018, Mixue opened its first international outlet in Vietnam's Hanoi, marking the start of its enduring global presence. 

Its move to Australia

In February 2023, Mixue expanded its wealth further and arrived Down Under to become a go-to for Aussies craving a cheap and cheerful treat.

It currently has three Australian stores, including one in Sydney's World Square. Brisbane has a location in its HX Asian Supermarket, and Melbourne's store is on Elizabeth Street.

The affordable franchise is known for its ultra-low prices, selling its ice creams in Australia for $2 and its bubble teas for as low as $4, which is considerably cheaper than industry standards. 

Mixue going public

This week, the bubble tea chain's shares jumped by more than 40% as it debuted on the Hong Kong Stock Exchange.

Almost all Mixue's outlets are run by franchisees, so it operates more like a raw materials supplier than a traditional brand.

Shares were last seen trading up roughly 43 per cent at 290 Hong Kong dollars (AU$60.01) apiece, compared to the IPO offer price of HK$202.5 (AU$41.80) per share.

An impressive debut to the public market, Mixue is still looking to grow its operations in other countries, and its recent success will undoubtedly fuel its rapid expansion.

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