Philippine fast-food giant Jollibee Foods Corp is pivoting to a Hong Kong listing for its international unit, abandoning an earlier plan to sell shares in the US, according to Bloomberg.
Jollibee this year 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 Corporation 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’s listed.
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“Hong Kong offers the market environment and investor relevance to support JFCI’s long-term ambitions,” Jollibee said in the statement on Tuesday. It didn’t elaborate on why it abandoned the US listing plan, saying that Hong Kong provides access to a broad base of global and regional investors.
The Hong Kong Special Administrative Region’s market for first-time share sales is booming, driven largely by a wave of Chinese mainland technology companies looking to raise funds for the artificial intelligence buildout. The city’s deep pools of capital and fast-paced deals have also increasingly attracted companies from across Asia, including Indonesia’s PT Merdeka Gold Resources, which in June raised about $300 million.
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Total proceeds from Hong Kong debuts this year have exceeded $45 billion in 2026, making it the third-best year ever, according to data compiled by Bloomberg. The city is on track to surpass the record of $57.8 billion, set in 2010, according to Hong Kong Exchanges & Clearing Ltd Chief Executive Officer Bonnie Chan Yi-ting.
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 in the streets of Manila in the 1970s, is known for its sweet spaghetti and fried chicken. Its portfolio now includes 20 brands with over 10,700 stores and cafes across 33 countries, including US, Vietnam and Canada.
