Chinese ice cream store Mixue is world’s largest food chain

Mixue Ice Cream and Tea has overtaken McDonald’s and Starbucks as the world’s largest food chain, with 45,000 locations by the end of 2024.

The Chinese company sells ice cream and drinks for under $1. It more than doubled its stores in three years.

On Monday, its Hong Kong initial public offering (IPO) raised $444 million, with shares surging nearly 30%, valuing the company at over $10 billion.

Founded in 1997 in Henan, Mixue keeps prices low—its drinks cost about 83 cents—making it popular amid China’s economic slowdown. The brand focuses on smaller cities and offers low franchise fees.

Mixue’s Snow King mascot and catchy jingle have made it a cultural icon. Though 90% of its stores are in China, it’s expanding across Asia and Australia with no current US plans.