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| Mixue: Bubble tea chain bigger than Starbucks sees shares jump on debut | Mixue: Bubble tea chain bigger than Starbucks sees shares jump on debut |
| (32 minutes later) | |
| Mixue's popularity comes as many people in China are grappling with the country's economic challenges | Mixue's popularity comes as many people in China are grappling with the country's economic challenges |
| Mixue Ice Cream and Tea may be unfamiliar to many of us but the Chinese firm has more outlets than McDonald's and Starbucks. | Mixue Ice Cream and Tea may be unfamiliar to many of us but the Chinese firm has more outlets than McDonald's and Starbucks. |
| On Monday, the bubble tea chain's shares jumped by more than 40% in their Hong Kong Stock Exchange debut. | |
| The company raised $444m (£352m) in the financial hub's biggest initial public offering (IPO) of the year. | The company raised $444m (£352m) in the financial hub's biggest initial public offering (IPO) of the year. |
| Mixue's popularity comes as many people in China are grappling with the country's economic challenges - including a property crisis, and weak consumer and business confidence. It sells ice creams and drinks for an average of six Chinese yuan ($0.82; £0.65). | Mixue's popularity comes as many people in China are grappling with the country's economic challenges - including a property crisis, and weak consumer and business confidence. It sells ice creams and drinks for an average of six Chinese yuan ($0.82; £0.65). |
| The company was founded in 1997 by Zhang Hongchao, a student at Henan University of Finance and Economics, as a part time job to help his family's finances. | The company was founded in 1997 by Zhang Hongchao, a student at Henan University of Finance and Economics, as a part time job to help his family's finances. |
| Its full name Mìxuě Bīngchéng means "honey snow ice city", with its stores adorned with its Snow King mascot and playing the firm's official theme tune on a loop. | Its full name Mìxuě Bīngchéng means "honey snow ice city", with its stores adorned with its Snow King mascot and playing the firm's official theme tune on a loop. |
| According to Mixue, it has more than 45,000 stores across China and 11 other countries, including Singapore and Thailand. The firm has also said it plans to continue expanding. | According to Mixue, it has more than 45,000 stores across China and 11 other countries, including Singapore and Thailand. The firm has also said it plans to continue expanding. |
| That compares to "over 43,000 locations" for McDonald's and Starbucks' 40,576 outlets. | That compares to "over 43,000 locations" for McDonald's and Starbucks' 40,576 outlets. |
| While it is often seen as China's biggest bubble tea, iced drinks, and ice cream chain, it operates more like a raw-materials supplier than a traditional brand. | While it is often seen as China's biggest bubble tea, iced drinks, and ice cream chain, it operates more like a raw-materials supplier than a traditional brand. |
| Unlike Starbucks, which operates more than half of its stores directly, almost all of Mixue's outlets are run by franchisees. | Unlike Starbucks, which operates more than half of its stores directly, almost all of Mixue's outlets are run by franchisees. |
| Mixue's strong market debut contrasts with smaller rival Guming, which saw shares slide on its first day of trading in February. | Mixue's strong market debut contrasts with smaller rival Guming, which saw shares slide on its first day of trading in February. |
| Last year, shares in the owner of bubble tea chain Chabaidao also fell on their market debut. | Last year, shares in the owner of bubble tea chain Chabaidao also fell on their market debut. |