# Mixue Bingcheng Co Ltd/ADR

Mixue Bingcheng Co Ltd/ADR is an Asset Manager.

## Overview

- **Organization type:** Asset Manager
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The firm operates as the ADR-issuing vehicle for Mixue Bingcheng, the Chinese ice cream and tea beverage chain founded by Zhang Hongchao in 1997. Mixue has become one of the world's largest food-and-beverage franchise operators by store count, with over 36,000 outlets as of 2024 (per company filings). The ADR structure enables foreign trading of the company's shares, which are primarily listed on the Hong Kong Stock Exchange. The strategy focuses on scaling through a dense network of small-format stores selling low-priced drinks and ice cream. Mixue owns and operates its supply chain, including production bases and logistics. Geographically, the chain concentrates on China, with some expansion into Southeast Asia, such as Vietnam and Indonesia. No team size or additional offices information is publicly available for the ADR entity. The company has faced regulatory scrutiny in China concerning food safety and franchise practices, per media reports. A structural differentiator is Mixue's vertically integrated supply chain, which allows it to maintain low costs and high franchisee profitability. The ADR vehicle provides a mechanism for global investors to participate in Chinese consumer growth without direct stock exchange access.

## Questions

### How does Mixue Bingcheng generate revenue?

Mixue Bingcheng primarily generates revenue through its franchise network. It sells ingredients, packaging materials, and equipment to franchisees, and also collects franchise fees. The company also operates its own stores, but the majority of its revenue comes from franchise operations, per the company's prospectus.

### What regions does Mixue Bingcheng operate in?

The vast majority of Mixue Bingcheng's stores are in China, where it has a dominant presence in lower-tier cities and towns. It has also expanded into several Southeast Asian countries, including Vietnam, Indonesia, Thailand, and the Philippines, as of 2024.

### What competitive advantages does Mixue Bingcheng have?

Mixue Bingcheng's primary advantage is its vertical integration across the supply chain, from production to logistics. This enables it to offer products at prices significantly below competitors. Its scale of over 36,000 outlets also gives it purchasing power and brand recognition in deep Chinese markets, per the company's annual report.

### Does Mixue Bingchenc pay dividends?

As of 2025, Mixue Bingcheng has not declared dividends for its Hong Kong-listed shares. The ADR dividend policy mirrors that of the ordinary shares, and no dividends have been announced.

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Last updated: 2026-06-03T20:00:00.000Z

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