In 1997, college college student Zhang Hongchao opened a small shaved-ice store in Henan, then one of China’s poorest provinces, with money lent by his grandmother. Nearly 30 years later, Zhang and his brother Hongfu, Mixue’s CEO, are worth some $8.2 billion each. Zhang’s shaved-ice store, now called Mixue Ice Cream & Tea and known for its soft serve and beverages, has more locations globally (53,000) than McDonald’s (43,500). Its IPO in March on the Hong Kong Stock Exchange raised HK$3.45 billion ($450 million)—the fifth largest in Hong Kong in the first half of 2025—and was oversubscribed 5,000 times. Mixue is expected to open its first U.S. location in New York City, having reportedly signed a 10-year lease on Canal Street.
Mixue’s rapid scaling around the world reflects the strength of its supply chain, its growth via a franchise model, and its viral branding, but it also speaks to the remarkable staying power of Zhang’s early decision to win over cost-conscious buyers with an ice cream cone that costs just 15 cents.
