Jollibee picks Hong Kong over US for international unit listing
Sign up now: Get ST's newsletters delivered to your inbox
Jollibee’s portfolio includes 20 brands with more than 10,700 stores and cafes across 33 countries.
PHOTO: REUTERS
- Jollibee Foods has chosen to list its international unit in Hong Kong instead of the US, citing better market environment and investor relevance in Asia.
- Hong Kong's booming market for first-time share sales, driven by strong capital pools and fast deals, attracts many Asian companies.
- Jollibee operates over 10,700 stores in 33 countries and appointed Richard Shin as CEO of its international listing vehicle, JFCI.
AI generated
Philippine fast-food giant Jollibee Foods is pivoting to a Hong Kong listing for its international unit, abandoning an earlier plan to sell shares in the US.
Jollibee in 2026 announced a plan to spin off its international business and list it on a US stock exchange to accelerate the company’s global expansion.
The company now sees Hong Kong as “a natural market” for Jollibee Foods Corp International, or JFCI, the listing vehicle, given its presence and brand recognition across Asia, it said in a statement to the Philippine Stock Exchange, where it is listed.
“Hong Kong offers the market environment and investor relevance to support JFCI’s long-term ambitions,” Jollibee said in the statement on Sept 1. It did not elaborate on why it abandoned the US listing plan, saying that Hong Kong provides access to a broad base of global and regional investors.
Hong Kong’s market for first-time share sales is booming, driven largely by a wave of Chinese technology companies looking to raise funds for the artificial intelligence build-out.
The city’s deep pools of capital and fast-paced deals have also increasingly attracted companies from across Asia, including Indonesia’s Merdeka Gold Resources, which in June raised about US$300 million (S$382 million).
Total proceeds from Hong Kong debuts in 2026 have exceeded US$45 billion, making it the third best year ever, according to data compiled by Bloomberg.
The city is on track to surpass the record of US$57.8 billion set in 2010, according to Hong Kong Exchanges and Clearing chief executive Bonnie Chan.
Jollibee also said the group’s chief financial and risk officer Richard Shin will serve as chief executive of JFCI.
Jollibee, which started out as a small family business selling ice cream on the streets of Manila in the 1970s, is known for its sweet spaghetti and fried chicken.
Its portfolio now includes 20 brands with more than 10,700 stores and cafes across 33 countries, including the US, China, Vietnam and Canada. Bloomberg
