McDonald's dethroned as world's largest fast food chain by company with no restaurants in the US
Mixue Bingcheng is a Chinese bubble tea and ice cream chain with more than 45,000 restaurants worldwide as of September 2024, while the number of McDonald's restaurants all over the world is around 41,800, according to Statista via Chowhound.
The Asia-based fast-food chain is known for selling soft-serve ice cream cones for one yuan (15 cents) and drinks ranging from between 2 to 8 yuan (30 cents to $1.20).
Despite its huge number of locations, 90 percent of them are in China. There are also outlets in Indonesia, Vietnam, and Malaysia. There isn't a single location in the United States.
Mixue Bingcheng was founded in 1997 by Zhang Hongchao, and originally started out as a store selling shaved ice and cold drinks.
'Let people around the world eat well and drink well for just two American dollars,' Hongchao previously told Chinese state media about his strategy for the business.
Over 99 percent of the bubble tea chain's stores are franchised, with most of their revenue coming from selling food materials, equipment, and packaging to its franchisees.
Although Mixue Bingcheng does have the highest number of locations worldwide, its revenue is still behind other large drink chains in the U.S., such as Starbucks and Tim Hortons.
Its growth is rapid, though. According to its prospectus, Mixue's net profit jumped 42 percent to 3.49 billion yuan ($479 million) in the first nine months of 2024 from the same period in the previous year. Its revenue increased 21 percent to 18.7 billion yuan ($2.6 billion) in the first nine months of 2024.
Earlier this week, McDonald's revealed the breakfast orders of various celebrities the day after the Oscars celebrations. The commercial started with the time stamp of 9:14 a.m. at a McDonald's restaurant in Hollywood.
The clip showed a receipt machine churning out the orders, such as Colman Domingo's Egg McMuffin meal — which comes with hash browns and a coffee — with strawberry jelly and ketchup on the side.
Actor Teyana Taylor, who attended the Vanity Fair Oscar Party on Sunday, scarfed down McDonald's Hotcakes (pancakes) with egg and sausage, a McChicken Biscuit with cheese, and a side of strawberry jelly and butter.
Singer Rosalía, who also attended the after-party, ordered a McGriddles — a breakfast sandwich with bacon, egg, and cheese — with a mango-pineapple smoothie and a mayo packet.
In February, McDonald's reported a fourth-quarter net income of $2.02 billion, or $2.80 per share, down from $2.04 billion, or $2.80 per share, a year earlier.
The fast food chain's sales suffered after the Centers for Disease Control and Prevention linked a fatal E. coli outbreak to its Quarter Pounder burgers.
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