This Is the Biggest Fast Food Chain in the World — and No, It’s Not McDonald’s. It has more than 45,000 locations, a $10 billion valuation, and a beloved snowman mascot.

Mixue, a bubble tea and ice cream chain founded in 1997 in China's Henan province, debuted on Hong Kong's stock market on Monday. It offered close to 17.1 million shares, amounting to 3.45 billion ...