Mixue sells ice creams and bubble teas for under $1 (Image: Na Bian/Bloomberg via Getty Images)
This major ice cream and bubble tea company is making its mark across the globe by offering treats for extraordinarily cheap prices.
Today, it has 45,000 stores, making it the largest chain of its kind in the world. The Chinese franchaise called Mixue (pronounced as “ME-schway”) sells ice creams, bubble teas and sugary drinks priced between 2 and 8 yuan (£0.22 to £0.87).
Thanks to its cheap prices, cute Snow King mascot and catchy jingle, the budget ice cream and tea brand has attracted a huge customer base across and ten other global markets.
Mixue was founded in Zhengzhou, Henan province by Zhang Hongchao. In 1997, the founder who was student at the time borrowed 3,000 yuan (around £325 now) from his grandmother and set up a street stall, selling shaved ice and cold drinks.
Zhang Hongchao faced a lot of failures within the first few years of opening, including the closure of multiple stores as a result of lack of experience and urbanisation in China contributing to the downfall of street stalls.
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However, after establishing a store nearby a school, the company was able to build a reputation among students and by 2007 it was franshed to various locations.
Today, as well as stores in China, Mixue locations include stores in Malaysia, Singapore, Thailand, Cambodia, The Philippines, Laos, Myanmar, South Korea, Japan and Australia.
The company is expected to be valued at $9.8 billion (over £7.7 billion), according to , a platform which analyses the global coffee market and the franchise is continues to grow.
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The company shares jumped by over 40% on the Hong Kong Stock Exchange (Image: CFOTO/Future Publishing via Getty Images)
The drinks giant recently saw its surge more than 40% on its first day of trading in Hong Kong, after having raised $444 million (£350 million) last week in an initial public offering, according to the Hong Kong Stock Exchange.
Nearly all of Mixue stores are franchises and according to a report by , the company charges below-average franchising fees and generates most of its revenue by selling supplies to franchises.
The company has plans to continue expanding.