Philippine fast-food leader Jollibee Foods Corporation (JFC) has announced plans to spin off its international business and list the new entity, Jollibee Foods Corporation International (JFCI), on the Main Board of the Hong Kong Stock Exchange. The group had previously considered a U.S. listing but is now pivoting to Hong Kong, citing stronger brand recognition in Asia, a deeper regional investor base, and Hong Kong’s role as a gateway between regional and global capital. The transaction remains subject to restructuring, due diligence, and approvals—including from the HKEX Listing Committee—with final terms, timing, and completion still uncertain.
JFC first outlined the concept of separating its Philippine and international operations in January 2026. Once completed, JFC will remain listed on the Philippine Stock Exchange, retaining its domestic business, while JFCI will hold the existing overseas restaurant operations—creating two separately listed companies with distinct strategic focuses, capital allocation priorities, and investment narratives. Under the current proposal, existing JFC shareholders would receive JFCI shares in proportion to their holdings on a specified record date, subject to tax, legal, and regulatory requirements.
The Jollibee Group currently operates and manages 20 brands across more than 10,700 restaurants and cafes in 33 countries and regions. Its portfolio includes owned brands such as Jollibee, Chowking, Red Ribbon, Mang Inasal, Smashburger, and Tim Ho Wan, alongside equity stakes in The Coffee Bean & Tea Leaf, Compose Coffee, Milksha, and the SuperFoods Group (which operates Highlands Coffee). This broad, multi-brand footprint forms the core of JFCI’s “international growth” positioning for investors.
Beyond existing brand awareness in Asia, JFC sees Hong Kong as a platform to reach a wider pool of regional and global investors, helping fund future expansion—particularly in North America—and providing a valuation benchmark for that growth. Market analysts note the shift from a U.S. to a Hong Kong listing suggests management believes HK investors will better understand its “Philippines-rooted, globally oriented” dining and consumer story.
On the leadership front, JFC has appointed Richard Chong Woo Shin—currently the group’s Chief Financial and Risk Officer and CEO of JFC International—as CEO of JFCI. He will continue in his current roles until the spin-off is completed, after which he will lead JFCI full-time. With roughly 30 years of international finance and consumer-retail experience—including stints at William Grant & Sons, Ralph Lauren, Bacardi, and Altria—Shin is expected to help build JFCI’s independent governance, financing, and capital-allocation capabilities.
If the deal proceeds, JFCI would be more than another overseas consumer-brand listing in Hong Kong; it would bring an Asia-rooted, multi-country restaurant platform to the market. Its eventual valuation will likely hinge on overseas same-store sales growth, store-opening velocity, brand-integration execution, and how well it balances global expansion with profitability and returns.
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