Chinese beverage giant to debut in US

Chinese brand Mixue Ice Cream and Tea, the world's largest fastfood chain by number of stores, is set to open its first location in New York as it continues to expand its overseas presence.

The beverage giant had 46,479 locations globally at the end of last year, with 41,584 of them located in China, according to the company's annual report. Elsewhere in Asia, where its store count is 4,895, around 2,600 storefronts are located in Indonesia, with others in Vietnam, Thailand and Malaysia. About 70 percent of its overseas revenue comes from Indonesia and Vietnam, Bloomberg reported.

The fast-food outlet, known for its brightly colored menu, is most famous for its range of offerings — from bubble teas and ice cream to coffee or fruity concoctions often costing under $1. This makes them popular with university students, people on a tight budget or those who enjoy a bargain.