Mixue's IPO Voyage: How "Snow King" Sweetens Its Global Tea Empire
2025-02-21
Hong Kong, February 14, 2025 — Mixue Bingcheng has passed the Hong Kong Stock Exchange listing hearing, according to its prospectus. The beverage giant, renowned for its 6 RMB average pricing strategy, is accelerating global expansion through franchising.
By September 30, 2024, Mixue's footprint spanned45,000+ stores across mainland China and 11 overseas markets, solidifying its position as theworld's largest freshly-made tea chain by store count.
01 Strategic Drivers for Going Global
source: Mixue Bingcheng Official Website
Market Saturation
Domestic store density reached 328 stores per million population (H1 2024), with per-store sales efficiency in lower-tier cities declining by 12.7% YoY.
Supply Chain Advantage
Self-owned production bases boast an annual capacity of 1.65 million tons, with overseas logistics networks covering 560 cities across four Southeast Asian countries.
Cultural Export Opportunity
Bubble tea ranks among the TOP3 cultural symbols for Gen Z to engage with Chinese culture (CBNData2024 Youth Cultural Consumption Report).
02 Global Expansion Timeline
2017: Exploration Phase
Mixue initiated market research in Southeast Asia, identifying vast growth potential and favorable consumer trends.
2018: First Overseas Store
Launched its debut international outlet in Hanoi, Vietnam, marking the official start of global expansion.
2020-2022: Rapid Growth
Entered Indonesia (2020) and expanded to Australia, Japan, South Korea, and other Southeast Asian markets by 2022.
2024: Milestone Achievements
As of September 30, 2024, Mixue operates over 4,800 overseas stores, with Indonesia (2,667 stores) and Vietnam (1,304 stores) contributing ~70% of international revenue.
source: Mixue Bingcheng Official Website
03 Key Success Factors
Quality Affordability
Maintaining its "high-quality, low-price" positioning globally. In high-cost markets like Singapore, 80% of products are priced below RMB 15 ($2.1*), making premium tea/ice cream accessible worldwide.
Localized Operations
•Product: Adjusted sweetness levels and incorporated regional ingredients (e.g., lemongrass in Southeast Asia)
•Store Design: Study spaces in Vietnam stores vs. minimalist glass facades in Australia
•Training: Customized franchisee programs respecting local cultural norms
Source: foodaily's official website
Strong supply chain system
Since 2012, Mixue Bingcheng has built its own factory, and currently has 5 production bases in China, with an annual comprehensive production capacity of about 1.65 million tons. In 2014, the logistics system was established, covering a wide range of domestic distribution networks, and overseas has also covered more than 560 cities in four Southeast Asian countries, with 7 self-operated warehouses totaling 69,000 square meters, ensuring the stable supply of raw materials and cost advantages.
Brand IP and cultural communication
Closely following the super IP of "Snow King", Mixue Bingcheng broke the cultural barriers with the international version of the theme song, broke cultural barriers with multilingual interactive content, and successfully created high topicality and strong user stickiness on overseas social media platforms, achieving a double increase in brand voice and influence.
Mixue Bingcheng also cleverly uses the communication advantages of social media to accurately reach overseas audiences with creative content and localization strategies, which not only makes "You Love Me, I Love You, Mixue Bingcheng Sweet" popular in Southeast Asia, but also helps the brand image to be deeply rooted in the global market.
Source: Mixue Bingcheng official website
04 Turbo Cloud: a key engine to help Chinese consumer brands go global
Mixue Bingcheng has verified the two-wheel drive model of "supply chain + cultural symbols". If Chinese consumer brands want to go global, in addition to their own core competitiveness, they also need the help of professional partners.Turbo Cloud has always been committed to helping brands expand overseas markets and play an important role in the company's journey to go overseas.
Turbo Cloud's full-link overseas social media marketing
In the future, as more Chinese consumer brands embark on the journey of going global, Turbo Cloud will continue to give full play to its digital marketing advantages, provide brands with a full range of support and services, help more brands shine in the international market, and write a new chapter in the globalization of Chinese brands.
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