Beijing, China – Mixue, the Chinese beverage and dessert chain, has officially become the world’s largest fast-food network by number of outlets, surpassing industry giants McDonald’s and KFC. With more than 45,300 stores worldwide, Mixue is also the second-largest beverage chain globally, trailing only Starbucks. Yet, the man behind this rapid rise, Zhang Hongchao, remains relatively unknown outside China.
The story of Mixue began in 1997, when Zhang, then a student at Henan University of Economics and Law, borrowed 3,000 yuan from his grandmother—roughly USD 417—to open a small shaved ice stall in Zhengzhou. Despite early success, Zhang faced repeated setbacks as urban development projects forced his stall to relocate multiple times within a single year. Harsh winters also made it difficult to sell cold products, forcing him to diversify by selling mandarin oranges to sustain income.
Rather than abandoning the idea, Zhang expanded his menu and invested in equipment. His introduction of a soft-serve ice cream cone priced at just one yuan proved a game-changer, cementing Mixue’s reputation among budget-conscious consumers. In 2007, his younger brother, Zhang Hongfu, joined the business, eventually becoming CEO while Zhang Hongchao assumed the role of chairman.
Under Hongfu’s leadership, Mixue professionalized operations, introducing store managers and stricter franchise oversight. This move helped resolve conflicts with family-run franchises and improved consistency across outlets. Still, the company had to navigate supply chain challenges, including shortages of fruit and milk powder, while expanding aggressively.
By adapting its offerings—particularly with the introduction of boba tea—Mixue rebounded strongly, attracting a younger customer base across China and beyond. The chain now offers tea, fruit-based drinks, coffee, and ice cream at an average price of just one US dollar, making it a dominant player in the value-driven segment of the foodservice industry.
Today, Mixue’s reach extends across Asia-Pacific, with Indonesia and Vietnam accounting for 70 percent of its overseas revenue. The Zhang brothers’ combined wealth reached USD 11.6 billion as of March 2025, surpassing even Starbucks’ former CEO Howard Schultz.
Mixue’s trajectory highlights broader regional trends: the globalization of Chinese consumer brands, the rising dominance of value-focused fast food, and the expanding influence of Asia in shaping the global foodservice market. As Mixue eyes further international expansion, its journey underscores how resilience, affordability, and strategic adaptation can turn a street stall into a global empire.
