CNBC AI News – June 24, 2025 – The latest New Fortune 500 Rich List has crowned a new titan in the Chinese market: Zhang Hongchao and Zhang Hongfu, the founders of Mixue Bingcheng, with a staggering net worth of 117.9 billion yuan. This catapults the brothers to the top of the wealth rankings in Henan province.
The story of Mixue Bingcheng’s success is a compelling entrepreneurial tale, originating from humble beginnings. What started as a small, semi-open-air shaved ice stand, “Hanliu Ice,” run by Zhang Hongchao in Zhengzhou, would eventually blossom into a global fast-food and retail empire.
The business evolved, rebranding itself as Mixue Bingcheng in 1999. Strategic expansions followed, including the launch of “Mixue Bingcheng Super Ice Castle” in 2006. The first fresh ice cream store opened in 2007 on Information College Road, marking a pivotal moment. The same year, Zhang Hongfu joined the company and opened its first franchise. By the end of 2007, the franchise network had already expanded to 36 stores.
The company’s upward trajectory culminated in a successful IPO on the Hong Kong Stock Exchange on March 3, 2025. Today, Mixue Bingcheng, under the brothers’ leadership, boasts a staggering 46,000+ stores worldwide, surpassing Starbucks in total locations and securing its position as the market leader. The collective wealth of the Zhang brothers, now estimated at 117.9 billion yuan, has surpassed the previous Henan frontrunners, Qin Yinglin and his wife from Muyuan Foods, securing them the title of Henan’s richest individuals.
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