Chinese fast food chain Mixue Bingcheng Company Ltd has overtaken McDonald's and Starbucks in number of stores, including in Asian countries and Australia, becoming the world's largest by this indicator, The Wall Street Journal (WSJ) reported.
According to research firm Technomic, the company's network consists of over 45,000 outlets, which offer, among other things, bubble tea and ice cream for 80 cents. About 90% of them are in China, and the rest in 10 other Asian countries and Australia. Over the past 3 years, the number of outlets has more than doubled.
For the first nine months of 2024, the company's net profit increased by 9.4% year-on-year to 479 million. USD.
The company's shares rose 43% to over $37 a share in its IPO on the Hong Kong Stock Exchange. The successful IPO allowed Mixue to raise approximately $444 million, but it did not mention plans to enter the US market.
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