Mixue's Ascent: The Making of a Beverage King.

Mixue: How a $0.15 Ice Cream Built the World’s Largest Drink Chain

In 1997, a small shop called “Cold Wave Shaved Ice” opened on a street in Zhengzhou, China. Its founder, Zhang Hongchao, started with a single ice shaver he built himself. Twenty-seven years later, that small shop has grown into Mixue, a global giant in the made-to-order drink industry.

With over 46,000 stores across 11 countries, Mixue has officially surpassed Starbucks to become the largest chain for freshly made drinks in the world. Now, Mixue plans to list on the Hong Kong Stock Exchange's main board, with its debut scheduled for March 3rd.

The History: One Ice Cream Cone, a Global Empire

Mixue's success was built on one simple principle: “ultimate value for money." Here are the key moments in its incredible growth story.

1997: Founder Zhang Hongchao starts his first shaved ice shop.

1999: The "Mixue” brand is officially launched.

2000: The original shop is forced to move four times due to city redevelopment projects.

2005: Mixue introduces its iconic fresh ice cream cone for just 1 RMB (about $0.15). Its unbeatable price and quality quickly win over customers.

2007: Franchising begins, allowing the brand to expand rapidly.

2012: Mixue builds its own central factory, one of the first in the industry, to control costs and quality at scale.

2013: Launches its famous Fresh Lemonade drink. The company is now the largest lemon buyer in China.

2014: The company starts building its own logistics and delivery network.

2018: The brand’s beloved mascot, the "Snow King," is born. The character is now a massive cultural icon. In the same year, Mixue opened its first overseas store in Hanoi, Vietnam.

2025: Mixue is set to go public on the Hong Kong Stock Exchange.

Mixue's Powerful Supply Chain: The Secret to Its Success

Mixue's dominance is powered by its incredible control over its entire supply chain.

Five Production Hubs, 100% Self-Made Core Ingredients

Mixue sources ingredients from 38 countries. It also partners directly with farms in China for key crops like lemons, tea, and strawberries.

The company operates five massive production bases across China, with a total annual capacity of about 1.65 million tons. This allows Mixue to produce 100% of its core ingredients in-house, from sugar and milk to fruit and coffee. This is the highest level of self-production in the industry and gives them a huge cost advantage.

Mixue's Franchise Model and Global Vision

Behind Mixue's 46,000 stores is a huge network of franchise partners, many of whom are local entrepreneurs. Over 57% of Mixue’s stores are in smaller towns and rural areas, bringing business opportunities to local communities. Because of its powerful supply chain, all of Mixue's franchisees purchase 100% of their ingredients and equipment directly from the company, ensuring consistency and quality everywhere.

Taking the "Snow King" Global

After opening its first store in Vietnam in 2018, Mixue has rapidly expanded worldwide. The brand now has over 4,800 stores outside of mainland China, with more than 4,000 in Southeast Asia alone, making it the largest made-to-order tea brand in the region.

Founder Zhang Hongchao’s vision is becoming a reality: "to bring high-quality, affordable food and drinks to everyone in the world for just two U.S. dollars."

Conclusion: More Than Just a Drink Brand

The story of the "Snow King" proves that offering extreme value is a winning strategy. By building a world-class supply chain, Mixue has shown that unbeatable low prices don't have to mean sacrificing quality. With over 46,000 stores and millions of tons of production capacity, Mixue is no longer just competing with other tea brands; it’s redefining what accessible and inclusive business can look like globally.