JOLLIBEE Foods Corp. (JFC) has selected Hong Kong (HK) as the proposed listing venue for its international business, replacing its earlier plan to pursue a US listing as it moves ahead with the separation of its overseas operations.
In a disclosure on Tuesday, JFC said it is contemplating a separate listing of shares in Jollibee Foods Corp. International (JFCI) on the Main Board of the Stock Exchange of Hong Kong Ltd. (HKEX). JFCI would serve as the listing vehicle and hold JFC’s existing international businesses.
The company said it has made substantial progress since announcing the planned listing of its international business in January, including work on the transaction structure, governance, financing, systems, and organization.
“The decision reflects the continued development of the proposed transaction and the Company’s assessment of the listing venue best suited to JFCI’s business, geographic footprint, and investment profile,” JFC said.
JFC said Hong Kong offers a market environment and investor base that it believes are suited to JFCI’s business profile and long-term growth plans.
The company cited JFCI’s existing presence and brand recognition across Asia, as well as its plans to continue expanding in North America. It also said HKEX provides access to global and regional investors and has an established pool of listed Asian consumer and restaurant companies.
“Since the announcement on 6 January 2026 to list our international business, we have been doing the detailed work required to establish two strong, independent companies,” JFC Chairman Tony Tan Caktiong said.
“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. The appointment of Richard to lead JFCI is another important step in establishing the company for its next phase. Together with the organization being built around JFCI and its businesses, we believe these steps position both companies strongly for their next phase of growth,” he added.
JFC also named Richard Chong Woo Shin as chief executive officer of JFCI.
Mr. Shin currently serves as JFC’s chief financial and risk officer and chief executive officer of JFC International. He will retain those roles until the proposed separation is completed, after which he will serve as JFCI’s full-time chief executive officer.
Mr. Shin has three decades of international finance and business leadership experience and previously held senior roles at William Grant & Sons, Ralph Lauren, Bacardi, and Altria. Since joining JFC, he has been involved in financial strategy, capital allocation, and the company’s international expansion.
JFC said JFCI is being designed to operate as an independent company with its own financial, organizational, and governance capabilities. Its operating model will focus on capital allocation, investment evaluation, and portfolio management.
Upon implementation of the proposed transaction, existing JFC shareholders are expected to receive shares in JFCI corresponding to their prevailing interests in JFC as of a designated record date, subject to applicable tax, legal, and regulatory requirements.
Jollibee Foods Corp. will remain listed on the Philippine Stock Exchange and will retain its Philippine operations and businesses following the separation.
The proposed transaction remains subject to the completion of corporate restructuring and due diligence, prevailing market conditions, required corporate and regulatory approvals, and the final decisions of the boards of JFC and JFCI.
It also requires approval from the Listing Committee of the Hong Kong Stock Exchange for the listing of and permission to deal in JFCI shares. JFC said there is no assurance on the final terms, timing, or completion of the proposed separation or listing.
The company said it is working with international counsel Sidley Austin and Philippine counsel Picazo Buyco Tan Fider Santos & Dee, along with other professional advisers, on the separation and listing process.
On Tuesday, JFC shares rose by P2.80, or 1.87%, to close at P152.80. — Alexandria Grace C. Magno