Philippines’ Jollibee eyes Hong Kong over US to list international unit

Philippine fast food giant Jollibee is set to spin off and list its international operations on the Hong Kong stock exchange, moving away from earlier plans for a U.S. listing. Jollibee Foods Corp is actively preparing to separate its international business, Jollibee Foods Corporation International, from its parent company. The company is focusing on a Hong Kong listing due to its existing presence in the city and strong brand recognition in Asia.

Strategist Dilin Wu of Pepperstone believes that a Hong Kong listing would provide the company with better price discovery, as investors are familiar with Jollibee's regional growth story. HKEX (Hong Kong Exchange) offers access to a diverse range of global and regional investors, making it an ideal platform for a business with plans to expand beyond Asia, including continued growth in North America.

Hong Kong has emerged as a hub for new share sales this year, with approximately US$22.45 billion in listings in the first half of 2026, up nearly 57% from the previous year. The listing could be Jollibee's highest point since mid-August, matching the benchmark's 2.3% gain.