China's Mixue Bingcheng has surpassed global restaurant giants McDonald's and Starbucks to claim the top position in number of locations worldwide. Established in China about a decade ago, Mixue is renowned for its affordable prices and currently operates over 45,000 stores globally. The brand has gained significant popularity particularly in Indonesia and Vietnam, and raised $444 million through its listing on the Hong Kong Stock Exchange. Mixue achieved success through its founding philosophy of 'providing delicious food for $2,' and has experienced rapid growth through franchising. However, it still lags behind Starbucks and others in terms of revenue, and expanding into overseas markets is identified as a key challenge for future growth.
