Jollibee Group advances international spinoff with proposed Hong Kong listing

Jollibee Foods Corporation is moving ahead with plans to separate its international business from its Philippine operations, with the company now contemplating a separate listing for the international arm on the Hong Kong Stock Exchange.

The Philippine restaurant group said on 1 September that it is considering listing Jollibee Foods Corporation International (JFCI), the proposed vehicle that will hold its current international business, on the Main Board of the Stock Exchange of Hong Kong.

The move marks a significant step in Jollibee's plan, first announced in January 2026, to establish two independently listed businesses with distinct strategic focuses and investment profiles.

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JFC said it has since made progress across the transaction structure, governance, financing, systems and organisational setup required to allow the two businesses to operate independently.

The company said Hong Kong was selected after assessing the listing venue best suited to JFCI's business, geographic footprint and investment profile.

For Jollibee, Hong Kong offers access to a broad base of global and regional investors, while also providing a market familiar with Asian consumer and restaurant businesses. The company also pointed to JFCI's existing presence and brand recognition across Asia, alongside its ambitions to continue expanding in North America.

JFC said the proposed listing would support its ambition to build JFCI into a global food and beverage business with roots in the Philippines and a growing international footprint.

“Since the announcement on 6 January 2026 to list our international business, we have been doing the detailed work required to establish two strong, independent companies,” said chairman Tony Tan Caktiong.

“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.”

Richard Shin to lead JFCI

Alongside the proposed listing, JFC has appointed Richard Chong Woo Shin (pictured) as CEO of JFCI.

Shin currently serves as JFC's chief financial and risk officer and CEO of JFC International. He has three decades of international finance and business leadership experience across consumer, retail and other industries in Asia, including senior roles at William Grant & Sons, Ralph Lauren, Bacardi and Altria.

Since joining JFC, Shin has been involved in the company's financial strategy, capital allocation and international expansion, while leading JFC International as it expanded its portfolio and geographic reach.

He will retain his current roles until the proposed separation is completed, after which he will take on the JFCI CEO position full-time.

JFC said JFCI is being designed as a fully independent company with a lean corporate structure and capabilities focused on managing its growing international portfolio. Its operating model will prioritise capital allocation, investment evaluation and portfolio management, while retaining relevant economies of scale where they can support efficiency.

Shareholders expected to receive JFCI shares

Under the contemplated transaction, existing JFC shareholders are expected to receive JFCI shares corresponding to their prevailing interest in JFC as of a designated record date, subject to applicable tax, legal and regulatory requirements.

Jollibee Foods Corporation will remain listed on the Philippine Stock Exchange and will comprise the group's Philippine operations and businesses.

The proposed separation and listing remain subject to corporate restructuring and due diligence, market conditions and required corporate, regulatory and other approvals. This includes approval from the Listing Committee of the Hong Kong Stock Exchange for the listing and trading of JFCI shares, as well as final decisions from the boards of JFC and JFCI.

JFC cautioned that there is no assurance regarding the final terms, timing or completion of the proposed transaction.

The Jollibee Group currently operates more than 10,700 stores and cafés across 33 countries through a portfolio of 20 brands, including Jollibee, Chowking, Mang Inasal, Smashburger, Tim Ho Wan and The Coffee Bean & Tea Leaf.

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