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A Chinese ice cream chain, powered by super-cheap cones, now has more outlets than McDonald’s

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In 1997, college college student Zhang Hongchao opened a small shaved-ice store in Henan, then one of China’s poorest provinces, with money lent by his grandmother. Nearly 30 years later, Zhang and his brother Hongfu, Mixue’s CEO, are worth some $8.2 billion each. Zhang’s shaved-ice store, now called Mixue Ice Cream & Tea and known for its soft serve and beverages, has more locations globally (53,000) than McDonald’s (43,500). Its IPO in March on the Hong Kong Stock Exchange raised HK$3.45 billion ($450 million)—the fifth largest in Hong Kong in the first half of 2025—and was oversubscribed 5,000 times. Mixue is expected to open its first U.S. location in New York City, having reportedly signed a 10-year lease on Canal Street.

Mixue’s rapid scaling around the world reflects the strength of its supply chain, its growth via a franchise model, and its viral branding, but it also speaks to the remarkable staying power of Zhang’s early decision to win over cost-conscious buyers with an ice cream cone that costs just 15 cents. 


For those in the know, a Mixue store is instantly recognizable. Its glowing logo and signature red interior drew a crowd on a Friday afternoon in November in Hong Kong’s central shopping district. In a city known for its luxury shopping, Mixue’s menu prices also stand out: a juicy grape burst for the equivalent of $1.67, pearl milk tea for $2.06, and soft-serve ice cream for 64 cents, cheaper even than McDonald’s $1.09 Sundae cone. On a poster, the brand’s mascot, Snow King, holds a milk tea and winks. “With Mixue in hand, joy is grand,” it reads.

Mixue’s recent fortunes are grand indeed. In the first half of 2025, Mixue reported 14.9 billion yuan ($2 billion) in revenue, up 40% from the previous year’s period. Its firsthalf profit of 2.7 billion yuan ($370 million) is tiny compared with, say, McDonald’s first-quarter profit of $1.9 billion, but it represents 44% growth from the year prior. (Mixue did not return requests for comment.) 

Affordability has always been a draw for Mixue— even if the price of its 15 cent cone has ticked up—but there’s more to the ice cream and beverage chain than cheap treats.

As Mixue expanded, it faced ingredient shortages, which prompted Zhang to start sourcing the chain’s raw materials directly from farmers and producers. In 2012 it established centralized factories and later set up warehouses and coldchain logistics to deliver ingredients like frozen fruit pulps and fresh strawberry and mango cubes to franchisees. (It now has 23,404 worldwide.) That reduces middleman costs, helping Mixue keep its prices low and its products fresh. When Mixue went public in March, it said that approximately 66% of the net proceeds from the offering would be used to widen and deepen its end-to-end supply chains. 

Mixue’s close relationship with ingredient manufacturers and suppliers gives it a cost advantage that competitors struggle to replicate. “When they open more outlets, they can immediately send out all these supplies, ingredients…So profit margins are pretty tight, and [food and beverage] brands typically find it challenging to manage this,” says Emil Fazira, Asia Pacific food insight manager at Euromonitor International.

Mixue’s franchise model is also a moneymaker in that it sells equipment and ingredients to its franchisees. It cites such sales as a driver of its 40% year-overyear revenue growth in the first half of this year. 

By offering both desserts and drinks, Mixue differentiates itself from competitors that just sell beverages. The sweet treat is one of the fastest growing product categories in Asia Pacific and Southeast Asia, Fazira notes.

While ice cream is usually perceived as a more indulgent treat, Mixue’s more affordable and accessible soft serve, compared with sit-down ice cream parlors, makes it “a bit more unique,” Fazira says. 

Just as unique are Mixue’s marketing tactics. In China, stores turned sales receipts into serialized fiction, printing 20 chapters of a compelling narrative featuring its mascot, Snow King, and sparking a nationwide craze. 

Abroad, Mixue is engaging consumers with games and gifts. Andrian Lim, a video game streamer based in Malaysia, joined a Mixue Instagram Reel challenge in September to finish a mint lemonade in 45 seconds. The 31-year-old was among dozens who braved stinging brain freeze to win an exclusive Snow King foldable bag. 

“I love to challenge myself to the limit, just for the fun of it,” says Lim, who “fell in love” with Mixue’s jasmine tea—and its cheap price.


Looking ahead, Mixue plans to meet the all-day beverage demands of consumers by expanding its stand-alone coffee shops and introducing beer. Mixue’s coffee chain, Lucky Cup, which sells freshly brewed coffee for 6 yuan (90 cents), recently entered Malaysia after establishing a foothold of 8,000 locations in China. In September, Mixue Group acquired 53% equity in Chinese draft beer company Fulu Fresh Beer, helmed by Hongfu’s wife, Tian Haixia. 

“[Mixue] is trying to enter new pockets of opportunity…It is interested, or at least keen to understand, that area of product diversification,” Fazira says.

And of course, Mixue’s new beer is likely to be cheap. Fulu Fresh sells for 7.9 yuan or $1.11 a pop.

This article appears in the December 2025/January 2026 issue of Fortune with the headline “Mixue’s hot streak.”


Asia’s booming sweet treat product category is fueling Mixue’s rise

44%


Mixue’s profits soared in the first half of 2025 to reach 2.7 billion Yuan ($370 million).

53,000

Mixue’s sprawling global store count now tops McDonald’s



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Elon Musk and Bill Gates are wrong about AI imminently replacing all jobs. ‘That’s not what we’re seeing,’ LinkedIn exec slams

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The future of work as we know it is hanging by a thread—at least, that’s what many tech leaders consistently say. Elon Musk predicts AI will replace all jobs in less than 20 years. Bill Gates says even those who train to use AI tools may not be safe from its claws. And then there’s Klarna’s CEO, Sebastian Siemiatkowski, who is even warning workers that “tech bros” are sugarcoating just how badly it’s about to impact jobs.

But according to one LinkedIn exec, that’s simply not what the data is showing. 

With hundreds of millions of workers hunting for jobs and employers posting open roles in real time, LinkedIn acts as one of the clearest barometers of what’s actually happening on the ground—and its managing director for EMEA, Sue Duke, is not buying the AI apocalypse narrative.

“That’s not what we’re seeing,” Duke revealed at the Fortune CEO Forum in The Shard in London. When asked about an AI-induced hiring slowdown she insisted that the opposite is actually true. 

“What we’re seeing is that organizations who are adopting and integrating this technology, they’re actually going out and hiring more people to really take advantage of this technology,” Duke explained. 

“They’re going out and looking for more business development people, more technologically savvy people, and more sales people as they realize the business opportunities, the innovation possibilities, and ultimately the growth possibilities of this technology.”

For the millions of job seeking Gen Zers—who keep being told that entry-level jobs are about the get swallowed by AI and that a youth unemployment crisis is well underway—the news will be a welcome surprise.

LinkedIn exec breaks down exactly what employers are looking for from new hires in 2026

For those looking to make the most of the job market’s shift, Duke says there are two key areas to upskill in.

The first, no surprise one, is AI skills. Whether that’s literacy, tooling, prompt-writing, or more technical capabilities, “we continue to see those AI skills being red, red hot in the labor market,” she said. 

With companies racing to integrate automation into products and workflows, that demand isn’t cooling anytime soon—no matter what industry you’re looking to work in. “We see a huge demand for those skills across the board, economy-wide, across all sectors, and tons of companies looking for those,” Duke added.

As AI takes over many administrative tasks, it’s putting the spotlight on job functions that bots can’t do. “Those unique human skills,” Duke said, is the second area of focus for employers. “They remain rock solid, constant at the heart of hiring desires and demands out there. They’re not going away either.”

She called out communication, team building, and problem solving, as some of those human skills that will stand the test of time: “They’re the ones to invest in.”

And ultimately, the skill employers are zeroing in on most isn’t technical at all—it’s adaptability. Bosses know the tools will change faster than job titles. What they want is someone who can change with them.

“The most important thing for job seekers to think about is the mindset that you’re also bringing to the table,” Duke concluded. 

“What employers are really looking for is that growth mindset and understanding that this technology is moving very, very quickly, and we need adaptability. Adaptability is right at the top of those most in-demand skills, so making sure you’re bringing that mindset, bringing that agility with you, that’s going to be hugely important.”



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Trump wants more health savings accounts. A catch: they can’t pay insurance premiums

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With the tax-free money in a health savings account, a person can pay for eyeglasses or medical exams, as well as a $1,700 baby bassinet or a $300 online parenting workshop.

Those same dollars can’t be used, though, to pay for most baby formulas, toothbrushes — or insurance premiums.

President Donald Trump and some Republicans are pitching the accounts as an alternative to expiring enhanced federal subsidies that have lowered insurance premium payments for most Americans with Affordable Care Act coverage. But legal limits on how HSAs can and can’t be used are prompting doubts that expanding their use would benefit the predominantly low-income people who rely on ACA plans.

The Republican proposals come on the heels of a White House-led change to extend HSA eligibility to more ACA enrollees. One group that would almost certainly benefit: a slew of companies selling expensive wellness items that can be purchased with tax-free dollars from the accounts.

There is also deep skepticism, even among conservatives who support the proposals, that the federal government can pull off such a major policy shift in just a few weeks. The enhanced ACA subsidies expire at the end of the year, and Republicans are still debating among themselves whether to simply extend them.

“The plans have been designed. The premiums have been set. Many people have already enrolled and made their selections,” Douglas Holtz-Eakin, the president of the American Action Forum, a conservative think tank, warned senators on Nov. 19. “There’s very little that this Congress can do to change the outlook.”

Cassidy’s Plan

With health savings accounts, people who pay high out-of-pocket costs for health insurance are able to set aside money, without paying taxes, for medical expenses.

For decades, Republicans have promoted these accounts as a way for people to save money for major or emergent medical expenses without spending more federal tax dollars on health care.

The latest GOP proposals would build on a change included in Republicans’ One Big Beautiful Bill Act, which makes millions more ACA enrollees eligible for health savings accounts. Starting Jan. 1, those enrolled in Obamacare’s cheapest coverage may open and contribute to HSAs.

Now Republicans are making the case that, in lieu of the pandemic-era enhanced ACA subsidies, patients would be better off being given money to cover some health costs — specifically through deposits to HSAs.

The White House has yet to release a formal proposal, though early reports suggested it could include HSA contributions as well as temporary, more restrictive premium subsidies.

Sen. Bill Cassidy — a Louisiana Republican who chairs the Senate Health, Education, Labor, and Pensions Committee and is facing a potentially tough reelection fight next year — has proposed loading HSAs with federal dollars sent directly to some ACA enrollees.

“The American people want something to pass, so let’s find something to pass,” Cassidy said on Dec. 3, pitching his plan for HSAs again. “Let’s give power to the patient, not profit to the insurance company.”

He has promised a deal can be struck in time for 2026 coverage.

Democrats, whose support Republicans will likely need to pass any health care measure, have widely panned the GOP’s ideas. They are calling instead for an extension of the enhanced subsidies to control premium costs for most of the nearly 24 million Americans enrolled in the ACA marketplace, a larger pool than the 7.3 million people the Trump administration estimates soon will be eligible for HSAs.

HSAs “can be a useful tool for very wealthy people,” said Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee. “But I don’t see it as a comprehensive health insurance opportunity.”

Who Can Use HSAs?

The IRS sets restrictions on the use of HSAs, which are typically managed by banks or health insurance companies. For starters, on the ACA marketplace, they are available only to those with the highest-deductible health insurance plans — the bronze and catastrophic plans.

There are limits on how much can be deposited into an account each year. In 2026 it will be $4,400 for a single person and $8,750 for a family.

Flexible spending accounts, or FSAs — which are typically offered through employer coverage — work similarly but have lower savings limits and cannot be rolled over from year to year.

The law that established HSAs prohibits the accounts from being used to pay insurance premiums, meaning that without an overhaul, the GOP’s proposals are unlikely to alleviate the problem at hand: skyrocketing premium payments. Obamacare enrollees who receive subsidies are projected to pay 114% more out-of-pocket for their premiums next year on average, absent congressional action.

Even with the promise of the government depositing cash into an HSA, people may still opt to go without coverage next year once they see those premium costs, said Tom Buchmueller, an economics professor at the University of Michigan who worked in the Biden administration.

“For people who stay in the marketplace, they’re going to be paying a lot more money every month,” he said. “It doesn’t help them pay that monthly premium.”

Others, Buchmueller noted, might be pushed into skimpier insurance coverage. Obamacare bronze plans come with the highest out-of-pocket costs.

An HHS Official’s Interest

Health savings accounts can be used to pay for many routine medical supplies and services, such as medical and dental exams, as well as emergency room visits. In recent years, the government has expanded the list of applicable purchases to include over-the-counter products such as Tylenol and tampons.

Purchases for “general health” are not permissible, such as fees for dance or swim lessons. Food, gym memberships, or supplements are not allowed unless prescribed by a doctor for a medical condition or need.

Americans are investing more into these accounts as their insurance deductibles rise, according to Morningstar. The investment research firm found that assets in HSAs grew from $5 billion 20 years ago to $146 billion last year. President George W. Bush signed the law establishing health savings accounts in 2003, with the White House promising at the time that they would “help more American families get the health care they need at a price they can afford.”

Since then, the accounts have become most common for wealthier, white Americans who are healthy and have employer-sponsored health insurance, according to a report released by the nonpartisan Government Accountability Office in September.

Now, even more money is expected to flow into these accounts, because of the One Big Beautiful Bill Act. Companies are taking notice of the growing market for HSA-approved products, with major retailers such as Amazon, Walmart, and Target developing online storefronts dedicated to devices, medications, and supplies eligible to be purchased with money in the accounts.

Startups have popped up in recent years dedicated to helping people get quick approval from medical providers for various — and sometimes expensive — items, memberships, or fitness or health services.

Truemed — a company co-founded in 2022 by Calley Means, a close ally of Health and Human Services Secretary Robert F. Kennedy Jr. — has emerged as one of the biggest players in this niche space.

A $9,000 red cedar ice bath and a $2,000 hemlock sauna, for example, are available for purchase with HSA funds through Truemed. So, too, is the $1,700 bassinet, designed to automatically respond to the cries of a newborn by gently rocking the baby back to sleep.

Truemed’s executives say its most popular products are its smaller-dollar fitness offerings, which include kettlebells, supplements, treadmills, and gym memberships.

“What we’ve seen at Truemed is that, when given the choice, Americans choose to invest their health care dollars in these kinds of proven lifestyle interventions,” Truemed CEO Justin Mares told KFF Health News.

Means joined the Department of Health and Human Services in November after a stint earlier this year at the White House, where he worked when Trump signed the One Big Beautiful Bill Act into law in July. Truemed’s general counsel, Joe Vladeck, said Means left the company in August.

Asked about Means’ potential to benefit from the law’s expansion of HSAs, HHS spokeswoman Emily Hilliard said in a statement that “Calley Means will not personally benefit financially from this proposal as he will be divesting from his company since he has been hired at HHS as a senior advisor supporting food and nutrition policy.”

Truemed is privately held, not publicly traded, and details of how Means will go about divesting have not been disclosed.

KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF — the independent source for health policy research, polling, and journalism.



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Netflix lines up $59 billion of debt for Warner Bros. deal

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Netflix Inc. has lined up $59 billion of financing from Wall Street banks to help support its planned acquisition of Warner Bros. Discovery Inc., which would make it one of the largest ever loans of its kind.

Wells Fargo & Co., BNP Paribas SA and HSBC Plc are providing the unsecured bridge loan, according to a statement Friday, a type of financing that is typically replaced with more permanent debt such as corporate bonds.

Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix. The total equity value of the deal is $72 billion, while the enterprise value of the deal is about $82.7 billion.

Bridge loans are a crucial step for banks in building relationships with companies to win higher-paying mandates down the road. 

A loan of $59 billion would rank among the biggest of its type, Anheuser-Busch InBev SA obtained $75 billion of loans to back its acquisition of SABMiller Plc in 2015, the largest ever bridge financing, according to data compiled by Bloomberg.



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