Jollibee Foods Corp. (JFC) is moving closer to separating its fast-growing international business from its Philippine operations, choosing Hong Kong as the proposed listing venue for the global unit and naming veteran executive Richard Chong Woo Shin to lead the standalone company.
The homegrown fast-food giant said it is contemplating listing shares of Jollibee Foods Corporation International (JFCI) on the Main Board of the Hong Kong Stock Exchange (HKEX), marking a major step in a corporate restructuring first announced in January 2026.
JFCI will serve as the listing vehicle and hold JFC’s existing international businesses, while the parent company will remain listed on the Philippine Stock Exchange and focus on its Philippine operations.
The proposed separation is designed to create two independently listed companies with distinct strategies, investment profiles and growth opportunities.
JFC said Hong Kong emerged as the preferred market because of its access to global and regional investors, as well as the strong presence and recognition of JFC brands across Asia.
The HKEX also hosts a significant number of Asian consumer and restaurant companies, giving investors relevant benchmarks for assessing JFCI as it pursues its ambition of becoming a major global food and beverage company.
While Asia remains a major market for the international business, JFCI is also expected to pursue further expansion in North America and other markets.
Shin tapped to lead global business
Alongside its decision on Hong Kong, JFC named Richard Chong Woo Shin as chief executive officer of JFCI once the proposed separation is completed.
Shin currently serves as JFC’s chief financial and risk officer and CEO of JFC International. He has three decades of international finance and business leadership experience, including senior roles at William Grant & Sons, Ralph Lauren, Bacardi and Altria.
Since joining JFC, Shin has played a key role in the company’s financial strategy, capital allocation and international expansion.
He will retain his current positions until the proposed separation is completed, after which he will become JFCI CEO on a full-time basis.
“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,” he added.
JFC shareholders could receive JFCI shares
Under the contemplated transaction, existing JFC shareholders are expected to receive JFCI shares corresponding to their prevailing interests in JFC as of a designated record date, subject to applicable tax, legal and regulatory requirements.
The arrangement could effectively give existing shareholders exposure to both the Philippine-focused JFC and the separately listed international company.
JFC said it has made substantial progress in preparing the two businesses to operate independently, including work involving corporate structure, governance, financing, systems and organization.
JFCI is being designed as a lean, independent public company with an operating model focused on disciplined capital allocation, evaluation of investment opportunities and clear portfolio priorities.
Meanwhile, JFC will continue trading on the Philippine Stock Exchange and retain the group’s Philippine operations and businesses.
The company is working with international legal counsel Sidley Austin and Philippine counsel Picazo Buyco Tan Fider Santos & Dee, along with other professional advisers, on the restructuring and proposed listing.
JFC stressed, however, that the transaction remains subject to corporate restructuring and due diligence, market conditions, regulatory and corporate approvals, and clearance from the Hong Kong Stock Exchange’s Listing Committee.
The company said there is no assurance yet on the final terms, timing or completion of the proposed separation and listing.