The Philippine fast food giant cited Hong Kong’s market environment and access as some of the key reasons for its decision
Jollibee picks Hong Kong over New York for spinoff of overseas business
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Philippine fast food chain, Jollibee Foods Corporation, is contemplating listing its international business, Jollibee Foods Corporation International (JFCI), on the Hong Kong Stock Exchange, backtracking from an earlier proposal made in January 2026 to seek listing on the US securities exchange.
In a statement on 1 September 2026, Jollibee explained to the Philippine Stock Exchange, where it is publicly listed, that existing Jollibee shareholders would receive JFCI shares proportional to their holdings, with Jollibee remaining listed as a Philippine business in Manila. The company warned that “there can be no assurance as to the final terms, timing or completion of the proposed separation or listing.”
Why is Jollibee choosing Hong Kong?
Jollibee noted that Hong Kong was “a natural market” for the firm’s international unit due to the chain’s strong presence and brand recognition in the Asian market. Hong Kong’s market environment and investor relevance were also highlighted, with the company stating that they would help the company realise its long-term goals and growth.
[See more: Hong Kong is the world’s second-largest IPO market in H1 2026]
No direct mention was made of the previous plan for US listing. However, the Philippine company said the Hong Kong Stock Exchange “provides access to a broad base of global and regional investors, making it well suited to support a business with ambitions that extend well beyond Asia, including continued growth in North America.”
It added that the Hong Kong bourse would also give investors a point of reference when considering the shares of Jollibee’s international spinoff, as the marketplace already has a strong listing of Asian consumer and restaurant firms.
If successful, Jollibee would join a number of other Asian F&B companies registered on the exchange, including Yum China, the company behind KFC, Pizza Hut and Taco Bell’s operations in China, and WH Group, the largest pork producer in the world.
Who will run Jollibee’s international business?
Jollibee’s statement also mentioned that Richard Chong Woo Shin had been appointed the chief executive of Jollibee’s international wing. As well, Sidley Austin and Picazo Buyco Tan Fider Santos & Dee are serving as the legal counsel for the separation of the company’s Philippine and international business, as well as the proposed listing.
What other companies have listed in Hong Kong in 2026?
Jollibee’s announcement comes as Hong Kong’s initial public offering (IPO) market continues to strengthen largely on the back of listings by mainland Chinese tech companies that are riding the AI boom.
In the first half of 2026, Hong Kong recorded 87 new IPOs that had a combined value of HK$210.2 billion (US$26.8 billion).
Some of the largest listings during this period included Lingyi iTech (Guangdong Company), chip-design firm SG Micro and semiconductor manufacturer Circuit Fabology Microelectronics Equipment, which were looking to raise HK$8.26 billion, HK$4.6 billion and HK$3.24 billion respectively.
Overseas companies such as PT Merdeka Gold Resources of Indonesia have also been drawn to the Hong Kong stock exchange. PT Merdeka Gold Resources raised roughly US$300 million on the bourse in June 2026.
Altogether, over 100 firms have been listed on the Hong Kong Stock Exchange so far in 2026, generating a value of over US$40 billion, according to data cited by CNBC on 20 August 2026.
What is Jollibee’s business like in the Greater Bay Area?
As of May 2026, Jollibee operated 28 of its branded fast food stores in Hong Kong and Macao. The Philippine company has a market presence in mainland China as well in the form of Chinese-branded F&B businesses such as Tim Ho Wan, Yonghe King and Hong Zhuang Yuan.
Established in 1975, Jollibee has grown from a small family-owned ice-cream business in Metro Manila into a giant international fast food company famous for its fried chicken, spaghetti and hamburgers. Currently, the firm operates 20 brands, as well as more than 10,700 restaurants and cafes in 33 countries.
