Sure, there are more than 32,000 Starbucks locations in 80 countries, some 38,000 McDonald’s locations in more than 100 countries, and more than 42,000 Subways sprinkled across the globe. But there’s one fast food chain that has more locations than any other — and if you’re from the United States, you’ve likely never even heard of it.
In early March, much of the Western world was introduced to Mixue Ice Cream and Tea (pronounced mee-schway), a fast food chain based in China that’s also found across much of Asia and Australia. It gained attention thanks to its initial public offering (IPO), which the Wall Street Journal says helped it raise more than $400 million. Its stock closed 43% over its IPO price, making its valuation skyrocket to more than $10 billion. Here’s what you need to know about the company making a splash in the fast food game.
There are a ridiculous number of Mixue Ice Cream and Tea locations
According to the Wall Street Journal, Mixue Ice Cream and Tea ended 2025 with 45,000 stores, which means it doubled its locations within the last three years. As Reuters noted, most of its stores are run by franchisees, much like McDonald’s (about 80% of McDonald’s locations are owned by franchisees). The company was founded in 1997 by Zhang Hongchao and his younger brother Zhang Hongfu as a simple and small ice shop in Zhengzhou, Henan province. Now, the two brothers have a combined net worth of $8.1 billion, Business Insider reported.
It serves incredible specialty drinks at reasonable prices
The source of the chain’s substantial revenue can be attributed to a straightforward menu featuring milk tea, fruit beverages, ice cream, and coffee. As Business Insider notes, the menu offerings are generally quite economical, with the lowest-priced item — the Signature King Cone ice cream — going for just over $1 (SGD$1.50). Conversely, the most costly item is the cheese strawberry drink, which retails for $3 (SGD$4).
According to Fast Company, one of the more popular menu items at Mixue Ice Cream and Tea is the Super Boba Sundae, which includes vanilla ice cream, sweet caramel or brown sugar syrup, and boba topping, along with the Brown Sugar Bubble Tea and Lemon Black Tea. It’s this variety and value, analysts say, that makes it so appealing to customers and, in turn, to investors.
Its mascot is widely beloved
The store may be most famous for its great deals, but its mascot comes in a close second. Known as the “Snow King,” the mascot is a snowman adorned with a crown. As Fast Company describes him, he is “pleasantly round, wears a red cape, and holds an ice cream cone on a stick like a scepter.” He has become the store’s definitive symbol, coming to life on social media and engaging with fans in real life.
