Photo by Frank Zhang on Unsplash
This Chinese Fast-Food Giant Surpassed McDonald’s as the World’s Largest — Without a Single US Location
March 3, 2025
Mixue Bingcheng, a Chinese fast-food chain, has emerged as the world’s largest food and beverage business, surpassing McDonald’s.
Meet the Fast-Food Chain That Surpassed McDonald’s in Store Count
According to The Sun, Mixue Bingcheng has more than 45,000 outlets worldwide, with 90% of its stores located in China. In comparison, McDonald’s has more than 43,000 restaurants worldwide in over 100 countries. So while Mixue has more stores, it still doesn’t have the worldwide name recognition of the golden arches restaurant.
However, despite the fact that the chain isn’t as well-known as McDonald’s, the company made a phenomenal debut on Hong Kong’s stock market on Monday, March 3, where it had close to 17.1 million shares. This amounts to 3.45 billion Hong Kong dollars, or about $444 million.
This positions the brand to continue to grow exponentially, much like McDonald’s has over the years. Mixue keeps startup costs low and ensures profitability by selling its ingredients, including milk, coffee, syrups, and equipment, to its global network of over 45,000 stores, both franchisees and self-owned. This helps reduce overall costs and offers the brand’s products at competitive prices.
Mixue Bincheng is known for its affordable boba or bubble tea offerings. The storefront’s mascot is its “Snow King” — a snowman wearing a crown. The brand is also known for its signature ice-cream cone and lemonade, making the company the biggest buyer of lemons in China, The Sun reported.
Founded in 1997, Mixue grew rapidly from a small ice-cream start-up in Zhengzhou into a food and beverage behemoth with more branches than its peers in mainland China. Per Business Insider, Jason Yu, the managing director for Greater China at the UK-based consumer research group Kantar Worldpanel, said the brand’s draw is primarily due to its price point; most drinks are priced under $1.40. “This is very attractive to consumers in the lower-tier cities and towns,” Yu said.
Will Mixue Bingcheng Ever Open in the US?
Mixue Bingcheng saw its shares jump more than 40% on Monday on its first day of trading in Hong Kong, after having raised $444 million last week in an initial public offering. CNN reports, “It was the biggest listing in Hong Kong so far this year, and the fifth-largest over the past year, according to the stock exchange.”
“By the end of September, over 99% of Mixue Bingcheng’s more than 45,000 stores were franchised, its regulatory filings showed, though the company does not primarily depend on franchise fees for its income. Franchise fees made up just 2.4% of total revenue in the first three quarters of 2024, its filing showed. The bulk of income comes from the sale of merchandise and equipment to franchised stores, which are required to buy these items from Mixue,” Reuters shared.
This expansion is without ever opening a single store in the United States, where the brand would face competition from American quick-service giants such as McDonald’s and Starbucks.
However, if Mixue entered the U.S. market, it would likely disrupt competitors with its ultra-low pricing and simple, fast-service model. While many U.S. boba chains target premium customers, Mixue’s budget-friendly approach could help it gain traction, especially in college towns and suburban areas where affordability matters.
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