Source: Top News
In 1997, a small shop named &#34;Cold Wave Shaved Ice&#34; quietly opened on the streets of Zhengzhou, Henan. The founder, Zhang Hongchao, started the entrepreneurial legend of MIXUE Ice City with a homemade shaved ice machine. 27 years later, this &#34;Snow King&#34; born from the &#34;Cold Wave&#34; has grown into a super giant in the global ready-to-drink beverage industry. The latest data shows that as of December 31, 2024, its store network covers China and 11 overseas countries, with over 46,000 stores, surpassing Starbucks to become the world's largest ready-to-drink beverage company.
According to the IPO process, MIXUE Ice City plans to be listed on the main board of the Hong Kong Stock Exchange on March 3.
【Founding History】1 Yuan Ice Cream Unlocks a Trillion Market
The rise of MIXUE Ice City began with a commitment to &#34;extreme cost performance.&#34; Top News reporters have sorted out the growth history of MIXUE Ice City from its 558-page prospectus and public reports.
In 1997, Zhang Hongchao opened the predecessor of MIXUE Ice City, &#34;Cold Wave Shaved Ice,&#34; on the streets of Zhengzhou, starting his entrepreneurial journey with a homemade shaved ice machine.
In 1999, the &#34;MIXUE Ice City&#34; brand was officially launched;
In early 2000, Zhengzhou initiated urban beautification projects such as &#34;breaking walls for greenery&#34; and &#34;rectifying stinky ditches.&#34; The predecessor &#34;Cold Wave Shaved Ice&#34; faced three bankruptcies and four relocations, ultimately reopening in an abandoned state-owned aluminum factory courtyard;
In 2005, Zhang Hongchao developed the first iconic product—a fresh cone ice cream priced at only 1 yuan (now 2 yuan), quickly capturing the market with its ultra-low price and high quality, achieving domestic sales of 501 million cones in the first nine months of 2024;
In 2007, co-founder Zhang Hongfu joined, promoting the implementation of a standardized operating system and initiating a franchise expansion model;
In 2012, it became one of the first companies in China's ready-to-drink beverage industry to establish a central factory, solving quality and cost issues in large-scale production;
In 2013, it launched its first fresh fruit beverage, &#34;Ice Fresh Lemonade,&#34; purchasing over 115,000 tons of lemons that year, becoming China's largest lemon purchaser;
In 2014, it began building its own logistics system;
In 2017, it established the freshly ground coffee brand &#34;Lucky Coffee&#34;;
In 2018, the brand's super IP &#34;Snow King&#34; was born, with related social exposure exceeding 19.5 billion times, and the IP cultural symbol transcending the beverage itself. In the same year, MIXUE Ice City's first overseas store opened in Hanoi, Vietnam;
In 2022, it made its first attempt to enter the A-share market, and in 2024, it shifted to the Hong Kong stock market, with a listing date set for March 3, 2025.
MIXUE Ice City Industry Map: Five Major Production Bases, Core Ingredients 100% Self-Sourced
Supporting MIXUE Ice City's dominant position in the global tea beverage industry is its extensive layout across the industrial chain.
According to the prospectus, MIXUE Ice City has established a vast procurement network covering 38 countries and regions across six continents. Domestically, MIXUE collaborates with planting bases to ensure a high-quality and stable supply of core agricultural products needed for production. MIXUE Ice City has established cooperative planting bases for lemons, tea leaves, coffee beans, peaches, strawberries, taro, and other agricultural products in China. Based on the procurement volume in 2023, MIXUE Ice City is the largest lemon purchaser in China, with a procurement volume of approximately 115,000 tons in 2023
MIXUE Ice City is one of the earliest companies in the industry to establish a central factory. It built its first production facility in 2012 and currently has five major production bases in Henan, Hainan, Guangxi, Chongqing, and Anhui. Through its self-researched and self-produced system, it covers seven categories of ingredients used for making freshly prepared beverages, including sugar, milk, tea, coffee, fruit, grain, and other materials, providing a one-stop beverage ingredient solution with an annual comprehensive production capacity of approximately 1.65 million tons. Over 60% of the beverage ingredients provided to franchisees by MIXUE Ice City are self-produced, the highest in China's freshly prepared beverage industry, with core beverage ingredients being 100% self-produced.
MIXUE Ice City Industry Map:
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Five Major Production Bases:
<img src="https://pub.pbkrs.com/uploads/2025/521047d0e5fae7585a881ce8ef042cf2?x-oss-process=style/lg" alt="" original-src="https://pub.pbkrs.com/uploads/2025/521047d0e5fae7585a881ce8ef042cf2"/>
Franchise Ecosystem and Global Outlook
Behind the 46,000 stores of MIXUE Ice City is a massive &#34;common people's wealth creation alliance.&#34;
According to the prospectus, as of September 30, 2024, stores in third-tier cities and below account for 57.2% of MIXUE Ice City's total stores, with over 4,900 locations spread across more than 30,000 towns nationwide.
In terms of store operations, thanks to a supply chain system that covers the entire chain of procurement, production, logistics, research and development, and quality control, MIXUE Ice City has achieved 100% procurement of beverage ingredients, packaging materials, and equipment from the headquarters for its franchisees.
Based on insights into consumer demand, long-term brand operation experience, an efficient supply chain system, strong research and development production capabilities, and a mature franchisee management model, MIXUE Ice City is scaling its operational areas from China to the global market.
In 2018, MIXUE Ice City opened its first store in Hanoi, Vietnam, marking the starting point for its exploration into the global market. With the country's promotion of high-quality development through the &#34;Belt and Road&#34; initiative and the construction of the 21st Century Maritime Silk Road, MIXUE Ice City continues to accelerate its expansion into overseas markets, with its store network covering 11 countries (including Indonesia, Vietnam, Malaysia, Thailand, the Philippines, Cambodia, Laos, Singapore, Australia, South Korea, and Japan).
The prospectus shows that as of September 30, 2024, there are approximately 4,800 stores outside mainland China. MIXUE Ice City has over 4,000 stores in the Southeast Asian market, making it the largest freshly prepared tea beverage brand in the region based on the number of stores as of December 31, 2023, and the beverage output in 2023. In Indonesia, the number of MIXUE stores exceeds 2,600.
Zhang Hongchao's proposal of &#34;two dollars to let people around the world eat and drink well&#34; is moving from vision to reality.
The success of &#34;MIXUE&#34; is not only a commercial miracle but also confirms a truth: extreme cost-effectiveness is always the strongest passport.
From the Zhengzhou Aluminum Factory courtyard to a global supply chain empire, MIXUE Ice City proves one thing: in China, extreme cost-effectiveness is not a tactic but a strategic capability that requires strong supply chain infrastructure support
When the &#34;Snow King&#34; holds an annual production capacity of 1.65 million tons and over 46,000 stores, its competitors are no longer a specific tea brand, but how to redefine the boundaries of &#34;inclusive business.&#34;

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History of Wealth: 1 Yuan Ice Cream Unlocks Trillion-Yuan Market

- In 1997, Zhang Hongchao opened a small shop called "Cold Wave Shaved Ice" in Zhengzhou, which evolved into the global beverage giant, Mixue Ice City.  
- As of December 31, 2024, Mixue operates over 46,000 stores across 11 countries, surpassing Starbucks to become the largest fresh beverage company worldwide, with plans to list on the Hong Kong Stock Exchange on March 3, 2025.  
- The company's success is attributed to its commitment to extreme cost-effectiveness, extensive supply chain, and a strong franchise model, enabling rapid expansion both domestically and internationally.

Today is the listing! A comprehensive understanding of MIXUE ICE CITY's journey to becoming a "king"