The restructuring will divide Jollibee into two independently listed companies: Jollibee Foods Corporation International (JFCI) will own the overseas operations, while the existing Manila-listed JFC will retain the Philippine business.
The separation gives each company its own management, strategy and access to capital, allowing JFCI to focus on global expansion while JFC concentrates on its home market.
“Since the announcement on [Jan. 6, 2026] to list our international business, we have been doing the detailed work required to establish two strong, independent companies,” JFC chair Tony Tan Caktiong said in a statement on Tuesday.
Why Hong Kong
Jollibee initially planned to list the global unit on a US exchange but left the venue under review as Hong Kong’s equity market regained momentum.
The company ultimately chose Hong Kong because investors there are more familiar with Asian restaurant and consumer companies, while many of Jollibee’s brands already have strong recognition across the region.
“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,” Tan Caktiong said.
The international business already accounts for about two-thirds of Jollibee’s global store network and is also expanding in North America.
New leader for JFCI
Richard Chong Woo Shin, Jollibee’s chief financial and risk officer and head of JFC International, has been named JFCI’s CEO.
Shin will retain his current roles until the separation is completed before taking charge of the international company full-time.
JFCI is being built with its own governance, financing and corporate organization so it can evaluate investments and manage its global portfolio independently.
What shareholders receive
Existing JFC shareholders are expected to receive JFCI shares based on their JFC holdings as of a yet-to-be-announced record date, while retaining their investment in the Philippine-listed company.
The separation and Hong Kong listing remain subject to restructuring, market conditions and corporate and regulatory approvals, with no assurance on their final timing or completion.
JFC's portfolio spans brands such as Jollibee, Red Ribbon, Mang Inasal, Chowking, The Coffee Bean & Tea Leaf, Tim Ho Wan, Smashburger, Highlands Coffee, Compose Coffee and Milksha.
—Edited by Miguel R. Camus
