The largest restaurant chain in the world in terms of number of locations is China-based Mixue Ice Cream & Tea (MXUBY) (MXUGF). The beverage and dessert chain was founded in 1997 by Zhang Hongchao in Zhengzhou as a small ice cream stall near a university campus that targeted students and budget‑conscious consumers with ultra‑low‑priced treats. Over time, Mixue (MXUBY) (MXUGF) expanded its menu to include bubble tea, fruit tea, milk tea, coffee, and other value‑oriented drinks. The chain rapidly expanded as it leaned on a franchise model that enabled rapid store proliferation.
Recently, Mixue (MXUBY) (MXUGF) has pursued aggressive overseas expansion, particularly across Southeast Asia, where it operates thousands of locations in countries such as Indonesia, Vietnam, Thailand, Malaysia, and the Philippines. Growth plans now emphasize not just opening more stores but also strengthening its supply chain backbone, including new production facilities in Hainan and Henan and an international supply chain platform in Southeast Asia to support franchisees. In the U.S., Mixue (MXUBY) (MXUGF) entered the market with its first store opening in Los Angeles in December, marking the brand’s formal debut in North America. The company followed up with two locations in New York.
Mixue (MXUBY) (MXUGF) went public in 2025 with an IPO on the Hong Kong Stock Exchange that raised roughly HK$3.29 billion. The IPO funds could add to Mixue’s (MXUBY) (MXUGF) expansion plans and cement its place as the chain with the most global locations, ahead of other large chains such as McDonald’s (MCD), Starbucks (SBUX), Subway, KFC (YUM), Luckin Coffee (LKNCY), Domino’s Pizza (DPZ), Burger King (QSR), Taco Bell (YUM), and Hunt Brothers Pizza.