Jollibee Abandons US IPO Plans, Selects Hong Kong for International Listing

Jollibee Foods Corp. (JFC.PS) has reversed its earlier plans to list its international business on the New York Stock Exchange, opting instead for the Hong Kong Stock Exchange. The company filed a notice with the Philippine Stock Exchange last week announcing the change in venue for the spinoff of its international operation, which it has tentatively named Jollibee Food Corp. International (JFCI).

The company described Hong Kong as a "natural market" for the listing, citing the depth of its presence and brand recognition across Asia. Jollibee stated that Hong Kong is "best suited to JFCI’s business, geographic footprint, and investment profile." The decision was influenced by Hong Kong’s recent exchange reforms, including the introduction of a confidential filing system and a temporary waiver on the six-month IPO timeline.

The international unit accounts for approximately 40% of the company’s revenue. Jollibee’s current market capitalization is about $2.85 billion, suggesting the international operation could be valued at roughly $1.14 billion. Under the proposed structure, existing shareholders will receive shares in JFCI in proportion to their current holdings, while the parent company will continue to trade on the Philippine Stock Exchange.

The company’s international footprint includes 20 brands operating in 33 countries, with a total of around 10,700 stores. However, recent financial results show mixed performance. Global revenue in 2025 was 305.1 billion Philippine pesos ($4.8 billion), up 13% from the previous year, while net income remained flat at nearly 11 billion pesos. In the first half of 2026, revenue rose 9.9% to 162 billion pesos, but net income declined 16.7% to 4.9 billion pesos.

As a result of the profit contraction, Jollibee has adjusted its 2026 targets. The company now aims to open 1,000 to 1,100 new stores, down from original plans of 1,200 to 1,300, and has lowered its operating income growth target to between 10% and 15%, down from 15% to 18%. The company has also closed 207 stores in the first six months of 2026.