A college student's street-food stall grows into world's largest fast-food chain

From Yahoo Finance: 2025-06-02 13:24:00

Mixue, an ice cream and boba shop founded in 1997 in China, has become the world’s largest fast-food chain with over 46,000 locations across Asia, Australia, the Middle East, and South America, outpacing McDonald’s. The company’s stock has soared since its debut on the Hong Kong stock exchange.

Mixue’s founder, Zhang Hongchao, started the business as a university student with just a small street-food stall in Zhengzhou. Despite initial setbacks, Zhang persevered, expanded the menu, and introduced budget-friendly items like soft-serve ice cream cones that resonated with customers.

Mixue’s success continued as Zhang’s younger brother, Hongfu, joined the company in 2007 as CEO, improving operational efficiency. The company addressed quality and supply-chain issues by establishing storage bases and controlling raw material supply, leading to a profit increase of 22% in 2024.

In 2024, Mixue reported $615 million in profit on $3.43 billion in revenue, with an earnings-per-share increase of 41%. The company added over 10,000 new stores and 4,192 franchisees while maintaining a low closure rate. Mixue also celebrated a successful $444 million IPO in Hong Kong.

The Zhang brothers, Hongchao and Hongfu, have a combined net worth of $8.1 billion, making them billionaires. Despite their success, they maintain relatively low profiles. Mixue’s business model focuses on selling merchandise and equipment to franchises, driving the company’s revenue and growth.



Read more at Yahoo Finance: A 21-year-old asked his grandmother for money to open a street-food stall. Now, it’s the world’s largest fast-food chain, eclipsing McDonald’s