Mixue’s number of stores – as of September last year – was shown in filling to the Hong Kong Stock Exchange on Jan. 1 as the company registered for an initial public offering there, according to Singapore-based market analysis firm Momentum Works.
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In comparison, McDonald’s has 43,000 outlets, while Starbucks has 40,200. They are followed by Subway and KFC, the firm said.
In Southeast Asia, Mixue accounted for 70% of over 6,100 F&B outlets operated by Chinese companies.
However, the chain ranked fourth globally in terms of gross merchandise value, at $6.5 billion.
Starbucks led the list at $55.5 billion, followed by Inspire Brands, $14.9 billion, and Tim Hortons, $7.5 billion, Momentum Works said in a report last month.
Mixue plans to raise $500 million in an initial public offering and to start trading on the Hong Kong Stock Exchange early next month, Reuters reported.
Its net profit was CNY3.5 billion ($479 million) in the nine months to Sept. 30 last year, up 42.3% year-on-year, according to its regulatory filings.
It said earlier that it sold 5.8 billion cups a day.
The chain was founded by Zhang Hongchao, a businessman born in 1977 who built the brand from the age of 21. His brother Zhang Hongfu later became a shareholder.
Forbes estimates Mixue’s value at approximately $2.9 billion based on business results at the end of September.
Previously, in the last funding round at the end of January 2021, the chain was valued at $3.3 billion, making both of the Zhang brothers billionaires.
Mixue’s two biggest foreign markets are Indonesia and Vietnam, with 2,667 and 1,304 stores, respectively.
It posted nearly VND1.26 trillion (US$49.5 million) in Vietnam revenue in 2023, up 2.6 times from 2022, according to data platform Vietdata.
