One Of The World's Largest Fast Food Chains Isn't Even In America

With 38,000 or so locations globally, McDonald's has long held the title of the world's largest fast food chain; that is, until now. Chinese beverage chain Mixue Bingcheng (meaning "honey snow ice city"), or just Mixue Ice Cream and Tea, has surpassed companies such as McDonald's and Starbucks, taking the lead with over 45,000 different franchises — but not even one location is open here in the States.

Mixue was founded by Zhang Hongchao, a struggling college student born into a farming family. In 1997, he launched a small shaved ice and cold drink shop in Zhengzhou, Henan province, called Coldsnap, which was unfortunately unsuccessful. It wasn't until he opened Mixue in 2005, where he sold cheap soft serve ice cream for only 1 yuan, that he finally made headway in the business of frozen treats. The low-cost ice cream was a hit, and within only a few years he was able to open 20 different outlets.

Hongchao has repeatedly told Chinese reporters (via CNN) his business strategy focuses on letting "people around the world eat well and drink well for just two American dollars," and his plan is obviously working. Mixue Ice Cream and Tea gained attention globally due to its IPO that raised more than $400 million. Stock in the Chinese beverage company closed 43% over its IPO price, increasing its valuation to more than $10 billion.

Although the competition is hot in the bubble tea industry, Mixue has stuck to its guns, not compromising its ideals of offering good food for a good price. Its brown sugar milk tea with boba is a third of the price of competitors' offerings at only $1.10, and a soft serve ice cream cone sells for just 50 cents. Mixue currently has shops throughout Asia, including China, South Korea, Thailand, and Malaysia. It expanded to Australia in 2023, and the chain may soon expand to Europe and possibly make it all the way to the States; only time will tell.