Mixue Ice Cream and Tea chain’s shares when listed on the Hong Kong Stock Exchange rosed by nearly 30%.
A Chinese company which might not be widely known known actually has more locations than McDonald’s and Starbucks.
As per BBC, the company raised $444 million (£352m) through its initial public offering (IPO) which makes it the largest IPO in Hong Kong this year.
The company has gained popularity despite China’s economic difficulties, including a property crisis and low consumer and business confidence.
Mixue attracts its customers by offering affordable ice creams and drinks with an average price of six Chinese yuan.
As per the outlet, Mixue Ice Cream and Tea was founded in 1997 by Zhang Hongchao who was a student and founded the business as a part-time job to support his family financially.
The company’s full name, Mìxuě Bīngchéng means "honey snow ice city," with its stores feature a Snow King mascot.
Mixue claims to have over 45,000 stores in China and 11 other countries, including Singapore and Thailand and as per the reports, the company now plans to continue expanding.
Unlike Starbucks, which directly manages more than half of its stores, almost all Mixue locations are run by independent franchise owner.
