Jollibee Foods Shifts Hong Kong Listing for International Spin-off
Philippine-listed restaurant group Jollibee Foods has chosen Hong Kong over the United States for the initial public offering of its international business. The company will list Jollibee Foods Corporation International (JFCI), which holds operations outside the Philippines, as a separate entity. The move aims to give domestic and international units distinct strategic and capital priorities. CFO and risk director Richard Shin will lead JFCI as chief executive.
Jollibee Foods, the Philippine-listed restaurant group, has selected Hong Kong as the listing venue for its international business, replacing an earlier plan to pursue a US listing. The company said Hong Kong's market environment and investor demand align with its long-term growth objectives, and the city offers access to a broad base of global and regional investors.
The group plans to list Jollibee Foods Corporation International (JFCI) in Hong Kong, with JFCI holding all of the group's operations outside the Philippines. Jollibee Foods and JFCI will become two separately listed companies, allowing the Philippine business and the international business to pursue distinct strategic focuses and capital allocation priorities. Richard Shin, currently chief financial and risk officer of Jollibee Foods, will serve as chief executive of JFCI.