Early Life
Zhang Hongchao's entrepreneurial journey started in 1997, when he was 21. He borrowed money from his grandmother to open a shaved ice stall in Zhengzhou, China. Growing up in a simple family, he learned the value of hard work and determination early on. His early life instilled a strong work ethic and a desire to improve his circumstances.
Rise to Success
Zhang's first venture did not succeed, but he persevered. In 1999, he re-established his cold drink business, Mixue Bingcheng, meaning "sweet snow palace". The company expanded, selling ice cream and later bubble tea, lemonade, and coffee drinks at low prices. Zhang's brother, Hongfu, joined in 2007, standardizing operations and establishing a franchise model. Mixue's strategy of low prices and an end-to-end supply chain, including procurement and ingredient production, fueled its rapid growth. By 2023, Mixue had over 36,000 stores. Mixue went public in a $444 million Hong Kong IPO in March 2025.
Key Business Strategies
Zhang focused on affordable pricing and high volume, differentiating his brand. Mixue's success comes from its end-to-end supply chain, ensuring low costs. The company also built a strong brand identity and engaged with customers via social media. Furthermore, the company has expanded its offerings beyond tea and ventured into the food and beverage sector, introducing new dining concepts.
Philanthropy
Zhang has been involved in charitable activities, with a focus on education, including scholarships and educational programs, particularly in underprivileged areas. His philanthropic efforts extend to environmental sustainability and disaster relief, supporting sustainable packaging and providing aid in times of crises.
