Jollibee to List 7,251-Store International Unit in Hong Kong
In this article (8)
Jollibee Foods Corporation is preparing to separate and list its international business in Hong Kong instead of the United States, carving out an overseas network of 7,251 restaurants across 33 countries.
Shares in the Manila-listed parent rose 1.87 per cent following the move, which replaces a plan announced on January 6 to float the international arm on an American exchange.
Richard Chong Woo Shin, currently chief executive of Jollibee Foods Corporation International (JFCI), will lead the standalone entity full-time once the separation concludes. Shin previously held senior roles at William Grant & Sons, Ralph Lauren, Bacardi and Altria. Jollibee Foods Corporation said the international business will operate with a lean corporate structure focused on capital allocation, investment opportunities and portfolio priorities, subject to listing committee approval from the Hong Kong stock exchange.
Portfolio Tilt Toward Asian Beverages
JFCI functions largely as a multi-brand operator with heavy exposure to Asian beverage chains. The international business holds full ownership of Smashburger, Tim Ho Wan, Yonghe King and Hong Zhuang Yuan, alongside controlling stakes of 80 per cent in The Coffee Bean & Tea Leaf, 70 per cent in South Korea’s Compose Coffee, 60 per cent in Highlands Coffee operator SuperFoods Group and 51 per cent in Milksha.
Jollibee Foods Corporation ended June with 10,767 outlets worldwide under 19 brands, with overseas locations accounting for nearly 70 per cent of the total network. International system-wide sales climbed 25.4 per cent in the second quarter, while overseas same-store sales rose 4.4 per cent.
Regional momentum is heavily concentrated in Asian markets. In Vietnam, system-wide sales jumped 47.6 per cent in the second quarter on same-store sales growth of 17.9 per cent. South Korea’s Compose Coffee added 145 stores during the first half, opening roughly 30 outlets a month. In China, Yonghe King reached 537 restaurants, with 65 per cent operating under franchise agreements and a target to reach 70 per cent by the end of the year.
“In Vietnam, system-wide sales jumped 47.6 per cent in the second quarter on same-store sales growth of 17.9 per cent.”
Shifting Away From Capital-Heavy Expansion
Listing in Hong Kong aligns JFCI’s capital structure with where its physical earnings actually compound. While the flagship Jollibee fried chicken brand commands strong name recognition in Western markets, its North American presence remains tiny and capital-intensive compared to its Asian coffee and fast-casual footprint. The group ended June with 340 North American outlets, down from 357 a year earlier. Of those, the Jollibee banner ran 108 stores, including 106 company-owned sites and just two franchised locations.
That balance sheet model is changing slowly. Jollibee launched its US franchising programme in March 2025 and secured seven multi-unit development groups by July, aiming for 330 franchised American locations by 2030. In the second quarter, US Jollibee stores posted a 9.8 per cent gain in same-store sales, marking 66 consecutive months of growth. Smashburger increased same-store sales by 7 per cent, though its store count fell from 203 to 180 as underperforming units were shuttered.
Since the announcement on January 6, 2026 to list our international business, we have been doing the detailed work required to establish two strong, independent companies. That work has reinforced our conviction in the listing and has led us to conclude that Hong Kong is the market best aligned with JFCI’s business, geographic footprint, and long-term ambitions.
The Path to Hong Kong Trading
The pivot to Hong Kong coincides with a sharp rebound in the city’s equity fundraising. Hong Kong Exchanges and Clearing chief executive Bonnie Chan stated that new listings in 2026 had raised more than US$40 billion, surpassing the roughly US$37 billion collected during all of 2025. Hong Kong has actively courted Southeast Asian consumer groups, with more than 150 regional issuers already listed, representing over US$4.3 billion in capital raised.
Group president and chief executive Ernesto Tanmantiong has set a target to position the flagship Jollibee brand among the top five restaurant operators globally, up from its current 18th position on Brand Finance’s global ranking with a valuation of US$3.3 billion.
Before JFCI begins trading in Hong Kong, Jollibee must resolve the composition of its portfolio assets. The parent group is currently evaluating a separate initial public offering in Vietnam for Highlands Coffee, which has grown from 56 outlets in 2012 to approximately 1,000 stores, with a target listing date in the first quarter of 2027 that could raise up to US$400 million.
Questions & Answers
Q.What led Jollibee Foods Corporation to choose Hong Kong for the international unit's listing instead of the US?
What led Jollibee Foods Corporation to choose Hong Kong for the international unit's listing instead of the US?
The company concluded that Hong Kong is best aligned with JFCI’s business, geographic footprint, and long-term ambitions. Listing there also matches its capital structure with where its physical earnings are concentrated, particularly in Asia.
Q.How is JFCI's strategy for North American expansion changing given the focus on Asian markets?
How is JFCI's strategy for North American expansion changing given the focus on Asian markets?
The North American balance sheet model is slowly changing from capital-intensive company-owned stores to a franchising programme. This began in March 2025, aiming for 330 franchised American locations by 2030.
Q.What is the primary operational model of the international business being listed in Hong Kong?
What is the primary operational model of the international business being listed in Hong Kong?
The international business, JFCI, primarily functions as a multi-brand operator. It holds full ownership of several brands and controlling stakes in others, with a heavy exposure to Asian beverage chains.
Q.Are there any plans for other parts of Jollibee's international portfolio to list separately?
Are there any plans for other parts of Jollibee's international portfolio to list separately?
Yes, Jollibee is currently evaluating a separate initial public offering in Vietnam for Highlands Coffee. The target listing date for this is in the first quarter of 2027, potentially raising up to US$400 million.
Reader pulse
Is Hong Kong the right choice for Jollibee's international listing?
17,054 votes so far