Jollibee Chooses Hong Kong for International Spin-Off as Asia Drives Global Growth

Jollibee first announced its separation plan in January 2026, initially identifying the United States as the preferred listing destination. The company has now concluded that Hong Kong is more closely aligned with the geographical footprint and brand recognition of its international operations. The planned spin-off is intended to create two independently listed companies with distinct strategies and investor profiles. Richard Chong Woo Shin, currently Jollibee’s chief financial and risk officer and head of its international operations, has been appointed CEO of the new entity.

The decision reflects the increasingly Asian composition of Jollibee’s global growth story. Its international portfolio includes the Jollibee and Chowking brands, South Korea’s Compose Coffee, Highlands Coffee in Vietnam, The Coffee Bean & Tea Leaf, Hong Kong-origin dim sum chain Tim Ho Wan and US burger chain Smashburger. By the third quarter of 2025, international operations represented approximately 6,800 of the group’s 10,300 stores. The overseas network had expanded at a compound annual rate of 26.7 per cent over the preceding 15 quarters, considerably faster than the group-wide rate of 15.1 per cent.

Hong Kong offers several potential advantages over New York. Investors in the city are already familiar with Asian restaurant, consumer and franchise businesses, which could support more relevant comparisons and potentially improve price discovery. Jollibee also has a direct connection to the market through Tim Ho Wan and its broader regional presence. At the same time, Hong Kong provides access to both international capital and investors focused specifically on Asian consumption growth, while still allowing JFCI to pursue expansion in North America and other markets.

The choice comes during a significant recovery in Hong Kong’s equity capital market. New listings raised approximately US$22.45 billion during the first half of 2026, nearly 57 per cent more than a year earlier and the strongest first-half performance in five years. A successful Jollibee offering would strengthen Hong Kong’s effort to attract more Southeast Asian and international companies, reducing its dependence on mainland Chinese issuers. It would also test whether the exchange can assign a competitive valuation to a consumer company whose operations extend across Asia, North America and other regions.

Jollibee’s operating performance gives the proposed listing a stronger financial foundation. In the second quarter of 2026, consolidated revenue increased 10.7 per cent, while system-wide sales rose 14.2 per cent. International system-wide sales expanded 25.4 per cent, compared with 5.7 per cent growth in the Philippines, reinforcing the rationale for separating the overseas division. Quarterly net income attributable to shareholders reached a record 3.4 billion pesos, up 5.7 per cent year on year, as margins recovered from first-quarter cost pressure. However, the final timing, valuation and structure of the spin-off will remain subject to regulatory approvals, market conditions and the group’s ability to demonstrate consistent profitability across its diverse international brands.