A Chinese firm behind a popular bubble tea chain has made a successful stock market debut, with its shares jumping over 40% on Monday. Mixue Ice Cream and Tea has more outlets than McDonald’s and Starbucks combined, with over 45,000 stores across China and 11 other countries. Founded in 1997 by Zhang Hongchao as a part-time job to help his family’s finances, the company operates primarily through franchises, unlike its rival Starbucks. This strong market debut contrasts with smaller rivals like Guming and Chabaidao, which saw shares fall on their first day of trading.
Source: https://www.bbc.com/news/articles/c625n63epyzo