Mixue Ice Cream and Tea may be unfamiliar to many of us but the Chinese firm has more outlets than McDonald’s and Starbucks.
On Monday, the bubble tea chain’s shares jumped by more than 40% in their Hong Kong Stock Exchange debut.
The company raised $444m (£352m) in the financial hub’s biggest initial public offering (IPO) of the year.
Mixue’s popularity comes as many people in China are grappling with the country’s economic challenges – including a property crisis, and weak consumer and business confidence. It sells ice creams and drinks for an average of six Chinese yuan ($0.82; £0.65).
The company was founded in 1997 by Zhang Hongchao, a student at Henan University of Finance and Economics, as a part time job to help his family’s finances.
Its full name Mìxuě Bīngchéng means “honey snow ice city”, with its stores adorned with its Snow King mascot and playing the firm’s official theme tune on a loop.
According to Mixue, it has more…
