Philippines’ Jollibee eyes Hong Kong over US to list international unit

Philippine fast food giant Jollibee Foods Corp said on Tuesday it was planning to spin off and list its international operations on the Hong Kong stock exchange, abandoning earlier plans of a ‌US listing.

Jollibee Foods said it was progressing in separating its international business, Jollibee Foods Corporation International, ahead of its planned spin-off and listing.

The fast food restaurant operator now plans for a Hong Kong listing citing its existing presence in the city and brand recognition ⁠in Asia.

The Hong Kong listing could give the company a better price ‌discovery as investors are familiar with its regional growth story and potentially better positioned to understand where the value is going to ‌come from, said Dilin Wu, a strategist at Pepperstone.

“HKEX also provides access to ⁠a broad ⁠base of global and regional investors, making it well suited to support a business with ambitions that ‌extend well beyond Asia, including continued growth in North America,” Jollibee said.