Jollibee mulls moving US listing to booming Hong Kong: sources
The Philippines-based fast-food group aims to do the listing by the end of next year
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[HONG KONG] Jollibee Foods is considering switching a potential spinoff and listing of its international business from the US to Hong Kong, where share sales are flying, according to people familiar with the matter.
The Philippines-based fast-food group, which has been expanding rapidly overseas to take on the likes of McDonald’s and Yum! Brands, is working with advisers and could aim to do the listing by the end of next year, the people said, asking not to be identified discussing private information. Considerations are preliminary and plans may change, they added.
Jollibee’s shares in Manila have dropped about 25 per cent this year to leave it with a market capitalisation of about US$2.5 billion. Known for its crispy fried chicken and sweet, South-east Asian-style spaghetti, the chain already has a significant presence in Hong Kong with 24 outlets and is a particularly strong draw for the city’s Filipino community. It also operates dim sum restaurant chain Tim Ho Wan.
Jollibee announced a plan to spinoff its international operations and list in the US in January, saying at the time that the goal was to sharpen the focus of the two separate businesses.
Representatives for Jollibee did not immediately respond to requests for comment.
Almost US$38 billion has been raised in primary and secondary share sales in Hong Kong already this year, compared with about US$26 billion in the same period last year and less than US$5 billion in the first half of 2024. While the bulk stems from Chinese companies, Hong Kong has been looking to diversify its offerings and drawing listings from South-east Asian countries such as Vietnam.
There are more than 270 Jollibee-branded stores outside of the Philippines, including in the US, Canada, Singapore, the Middle East, Italy, Spain and the UK, its website shows. The group’s brands also include Smashburger, the Coffee Bean & Tea Leaf, Highlands Coffee and Yonghe King, while it owns the Philippine franchise of Burger King and has a 50-50 local joint venture with Yoshinoya. BLOOMBERG
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