From Manila to Mainland: Jollibee chose HK for international listing

Filipino food service giant Jollibee Group, abandoned its plans to go public in the US, pivoting instead towards a Hong Kong Stock Exchange listing for its international business.

The group believes this will help them, expand into mainland China and the global market.

The Philippine government also encourages more local businesses to seek opportunities in Hong Kong.

Travelling around Philippines' streets, there's always a "bee" nearby.

Founded by an ethnic Chinese businessman, Jollibee started by selling ice cream, later transformed into a fast-food chain.

Signature dishes are fried chicken and hamburgers.

It also sells rice and pasta, which are very popular among Filipinos.

Jollibee expanded its business to Hong Kong in the 1990s, and has since acquired various types of restaurant brands worldwide, including a Hong Kong dim sum shop, building itself into an international restaurant brand.

The group now has more than 10,000 branches, with 60% located overseas.

At the beginning of the year, they planned to spin off its international division, for a secondary listing in the US.

In their latest decision, however, they abandoned the US listing strategy, pivoting instead to list on Hong Kong main board for the unit.

RICHARD SHIN CEO of JFC International says "We really have ambition to grow globally. What Hong Kong really provides is great infrastructure,

great place for recruiting talent, very supportive and pro-business so that it allows us to be based here but also take opportunities outside of Hong Kong."

Despite the global catering market being in poor condition, the group believes that every crisis is an opportunity.

They also hope to leverage Hong Kong's experienceby expanding to the mainland China market, especially the Greater Bay Area.

RICHARD adds "Anybody who's in the food business needs to seriously consider what their China strategy is, because of the opportunity. We want to be smart about it because it is very competitive."

Jollibee aims to become the world's third-largest restaurant chain.

The group expects half of its revenue next year to come from branches outside of the Philippines.

In recent years, an increasing number of ASEAN companies have set up branches in Hong Kong.

The Philippine government also encourages more SMEs to explore business opportunities in this Pearl of the Orient.

ROBERTO B. MABALOT, Foreign Trade Service Officer, says "Hong Kong being a super connector to mainland China, it is a good stepping stone for any ASEAN country,

to try out and dip their toes into before really expanding to the mainland."

He believes Philippine foods, such as purple sweet potatoes and avocados, will have a market in both Hong Kong and mainland China.