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Chinese fast-food chain Mixue Ice Cream & Tea has surpassed McDonald’s to become the world’s largest food-and-beverage chain by number of locations, ending last year with 45,000+ stores compared to ~43,500 for the hamburger chain, according to research firm Technomic.

• Mixue is best known for its bubble tea and ice cream priced below $1, which analysts say has resonated in China amidst a recent economic downturn.
• The chain is also famous for its marketing and in-store vibes. The roly-poly mascot Snow King is a national icon on par with Ronald McDonald, and patrons seem to love the catchy theme song that plays constantly in stores (to the tune of “Oh! Susanna”): “I love you. You love me. Mixue Ice Cream and Tea.”

Mixue has been capitalizing on its popularity. The chain raised $400+ million in a Hong Kong IPO yesterday. The stock closed its first day of trading at 43% above the IPO price, giving Mixue a valuation of $10+ billion.

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