The Ledger / Zhang Hongchao
Zhang Hongchao
◼ Origin
Co-founded Mixue Bingcheng (蜜雪冰城, 'Secret Snow City') with his brother Zhang Hongfu in Zhengzhou in 1997 starting with a single ice cream stall; built it into the world's largest bubble tea and ice cream chain by store count (45,000+ locations in 40+ countries) by offering products starting at ¥3 (~$0.40). Mixue listed on the Hong Kong Stock Exchange in March 2024.
◼ Self-Made Verdict — YES
Co-founded Mixue Bingcheng from a single street stall in 1997 without inherited capital; built the world's largest bubble tea chain by store count through franchise expansion and low-price positioning.
◼ Documented marks
01
Co-chairs Mixue Bingcheng (蜜雪冰城), which operates 45,000+ outlets across 40+ countries — more locations than McDonald's globally — selling ice cream and bubble tea starting at ¥3 (~$0.40) through a franchise supply-chain model.
02
Mixue listed on the Hong Kong Stock Exchange in March 2024 (HKEX: 2097), raising HK$2.6B; the IPO valued the company at approximately $7B and was oversubscribed 5,300-fold in the retail tranche, reflecting investor enthusiasm for China's franchise fast-food expansion.
03
The Mixue franchise model extracts value primarily through selling raw materials (tea, syrup, cups) to franchisees at controlled prices rather than collecting royalties — creating a supply-chain extraction model where the parent company profits regardless of franchisee unit economics.
No inheritance, or primary accounts documented for this billionaire yet.
◼ List of charges
No documented charges yet.
These are moral charges, not legal ones. The actual legal system has not — and will not — bring them.
More ledger entries