Philippine fast-food giant Jollibee picks Hong Kong over New York for spin-off’s listing

Jollibee, the renowned fast-food chain, has decided to list its international operations in Hong Kong rather than New York, signaling its endorsement of Hong Kong's efforts to diversify its initial public offerings (IPO) market. In January, Jollibee Foods Corp (JFC) had announced its intention to list its overseas subsidiary, Jollibee Foods Corporation International (JFCI), in the United States. However, the company has now opted for Hong Kong as its preferred listing destination.

The company's CEO stated that Hong Kong offers the necessary market depth and investor relevance to support JFCI's long-term goals and is ideally positioned to acknowledge the value of its unique business profile and growth potential. HKEX CEO Bonnie Chan Yiting also highlighted Hong Kong's status as the preferred overseas IPO hub for Southeast Asian companies, which currently number over 150 and have raised more than US$4.3 billion in total.

JFCI, which operates fast-food outlets across Asia, including Michelin-rated restaurant Tim Ho Wan in Hong Kong, experienced robust double-digit growth in 2025, with segment revenues reaching 126.8 billion pesos (US$2 billion), a 27 per cent increase year-on-year. This surge was particularly driven by strong performance in Vietnam, JFCI's largest overseas market by store count.

Founded in 1975, JFC has been actively expanding its global footprint to enhance its brand recognition. In February, the company acquired All Day Fresh, a Korea-based hotpot and all-you-can-eat restaurant chain. By the end of 2025, JFC's global presence had grown to 10,341 stores across 33 countries, with over 6,850 stores located abroad.