Chinese drinks seller Mixue plans IPO as it becomes world's FOURTH largest franchise
Published date: Mon, 11 Mar 2024 17:26:47 +0700Footage shows branches of Chinese bubble tea giant Mixue - which has become the world's fourth-largest franchise amid plans for an IPO this year.
The retailer - which started as a single market stall - is virtually unheard of outside of China, where it has seen stratospheric growth with its budget drinks and ice cream, which costs just one Yuan (0.14 USD) for a packed cone.
With consumption of fresh drinks still relatively low in Asia, bosses are now planning to expand across neighbouring countries with a floatation that could raise up to a billion USD.
The application for the IPO in Hong Kong was reportedly submitted in January after appeasing strict Communist party chiefs, who have scuppered previous overseas public offerings.
Mixue, which the company says means 'sweet snow like honey' in English, has more than 36,000 stores across mainland China. It has also begun operating in 11 overseas markets, such as Vietnam, Malaysia and Thailand, as seen in the video.
Incredibly, the growth has seen it become the world's fourth largest franchise, behind only McDonald's, Starbucks and Subway and above KFC, Dominoes and Burger King.
If the growth trajectory continues, the company is likely to become the world's biggest by the end of 2024.
