JFC picks HK for listing of international business

MANILA, Philippines — Asian food conglomerate Jollibee Foods Corp. (JFC) has chosen Hong Kong over the United States for the planned listing of its international business.

In a stock exchange filing, JFC said it is contemplating a proposed separate listing of the shares of JFC International (JFCI) on the main board of The Stock Exchange of Hong Kong Ltd. (HKEX).

As the listing vehicle, JFCI will hold JFC’s current international business.

JFC is planning to separate its international operations and business from its Philippine operations and business.

The group was earlier eyeing a US listing for its international business, citing the US capital markets’ deep investor base experienced in valuing global consumer and restaurant growth companies.

In selecting Hong Kong for the proposed listing, JFC said the decision reflects the company’s assessment of the listing venue best suited to JFCI’s business, geographic footprint and investment profile.

The company sees Hong Kong as offering the market environment and investor relevance to support JFCI’s long-term ambitions and is best positioned to recognize the value of its distinctive business profile and growth potential.

JFC said Hong Kong also represents a natural market for JFCI given the depth of JFCI’s existing presence and brand recognition across Asia, where many of its brands already have strong consumer awareness and market relevance.

Further, it said HKEX 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.

“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. 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,” JFC chairman Tony Tan Caktiong said.

JFC, however, said the fundamental rationale for the separation remains unchanged – which is to establish two independently listed businesses, each with a distinct strategic focus and investment profile, and with the ability to pursue its respective growth opportunities.

JFC will remain listed on the Philippine Stock Exchange and will comprise the group’s Philippine operations and businesses.

China Bank Capital Corp. managing director Juan Paolo Colet believes that HKEX is a better listing venue for JFCI.

Colet said HKEX is a convenient market for Asian companies that aim to attract both regional and global investors.

Meanwhile, in a step toward establishing JFCI as a standalone company, JFC announced the appointment of Richard Shin as chief executive officer of JFCI.

Shin will continue to serve in his current roles as chief financial and risk officer of JFC and chief executive officer of JFC International until the proposed separation is complete, at which point he will assume his role as CEO of JFCI on a full-time basis.

“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,” Tan Caktiong said.