Mixue Ice Cream and Tea: The Chinese Beverage Giant Bigger Than McDonald’s and Starbucks
蜜雪冰城：超越麦当劳与星巴克的中国茶饮巨头
Mixue Ice Cream and Tea may not be a household name globally, but it has more stores than McDonald’s and Starbucks.
中国的蜜雪冰城可能对许多人来说还比较陌生，但它的门店数量已超过麦当劳和星巴克。
On Monday, the bubble tea chain’s stock surged 40% on its debut at the Hong Kong Stock Exchange, raising $444 million in the city’s largest IPO of the year.
周一，这家茶饮连锁品牌在香港证券交易所上市，股价首日暴涨 40%，成为今年香港最大规模的 IPO，筹资 4.44 亿美元。
Mixue’s success is closely tied to China‘s economic situation, where weak consumer confidence has driven demand for affordable drinks averaging 6 yuan ($0.82).
蜜雪冰城的成功与中国经济环境密切相关，在消费者信心低迷的情况下，其 均价 6 元人民币（约 0.82 美元） 的冰淇淋和饮品吸引了大量顾客。
Founded in 1997 by Zhang Hongchao, a student at Henan University of Finance and Economics, Mixue now operates over 45,000 stores worldwide, surpassing McDonald’s (43,000) and Starbucks (40,576).
品牌由 张红超 于 1997 年 创立，当时他还是河南财经学院的学生，最初是为了补贴家用。如今，蜜雪冰城在 全球 45,000 多家门店，远超麦当劳（43,000 家）和星巴克（40,576 家）。
Unlike Starbucks, which runs over half of its stores directly, Mixue relies on franchisees, functioning more like a raw-materials supplier than a traditional brand.
蜜雪冰城采用 加盟模式，更像是原材料供应商，而非传统品牌。相比之下，星巴克 一半以上 的门店为直营。
Mixue’s strong IPO performance contrasts with rivals like Guming, whose shares dropped on their February debut, and Chabaidao, which faced similar struggles last year.
这次成功上市也与竞争对手形成鲜明对比，比如 古茗 今年 2 月上市首日股价下跌，而去年 茶百道 也遭遇类似情况。
