The parent company of Philippine fast-food giant Jollibee plans to spin off and list its international operations in Hong Kong instead of New York in a strong endorsement of the city’s initial public offering (IPO) diversification efforts.
Jollibee Foods Corp (JFC) said in January that it intended to list its overseas arm, Jollibee Foods Corporation International (JFCI), in the United States. The company has now selected Hong Kong as its listing destination.
“Hong Kong offers the market depth and investor relevance to support JFCI’s long-term ambitions and is best positioned to recognise the value of its distinctive business profile and growth potential,” the company said on Tuesday.
JFC added that bourse operator Hong Kong Exchanges and Clearing (HKEX) also provided access to a broad base of global and regional investors, making it well suited to support a business aiming to expand beyond Asia, including continued growth in North America.
The company said these characteristics provide a strong platform for JFCI as it seeks to build a leading global food and beverage business with roots in the Philippines.
More than 150 Southeast Asian companies are currently listed in Hong Kong, raising more than US$4.3 billion in total, making the city the preferred overseas IPO hub for the region, HKEX CEO Bonnie Chan Yiting said in April.