(Yicai) May 13 -- Mixue Group has penned a deal to buy CNY4 billion (USD556.3 million) worth of coffee beans and other agricultural products from Brazil, with China's biggest operator of ice cream and bubble tea stores planning to enter the South American country this year.

Mixue signed a memorandum of understanding with the Brazilian Trade and Investment Promotion Agency in Beijing yesterday, Xinhua News Agency reported today, citing the Zhengzhou-based company.

Mixue plans to increase the share of Brazilian agricultural products in its supply chain further, aiming to buy coffee beans, fruit products, and other key agricultural products valued at no less than CNY4 billion (USD556.3 million) over the next three to five years, noted Tian Zezhong, the firm's Brazilian market head.

In addition, Mixue plans to open its first store in Brazil this year and begin the construction of a local supply chain factory, likely creating 25,000 new jobs, The Beijing News reported today, citing an official from the company. The move will mark the firm's entry into South America.

After more than 20 years of development, Mixue has opened over 46,000 stores, making it the world's largest maker of fresh tea drinks. Its first overseas store opened in Vietnam in 2018, with the company later expanding to 11 countries, including Indonesia and Malaysia, and opening more than 5,000 international outlets.

On March 3, Mixue went public in Hong Kong and grossed around HKD3.3 billion (USD423.4 million). About two-thirds of the proceeds will be used to expand the company's global footprint, including 12 percent for establishing an international supply chain platform and expanding overseas operations, according to its prospectus.

Shares of Mixue [HKG: 2097] closed 2.1 percent higher at HKD459.40 (USD58.98) each today, after earlier jumping by as much as 3.5 percent.

Editor: Martin Kadiev