IPO News | Happy Bee plans to spin off its international business and list in Hong Kong. Richard Shin will serve as CEO.

Jollibee Foods, the parent company of Jollibee, announced plans to spin off its international business and list it in Hong Kong, under the entity Jollibee Foods Corporation International (JFCI). Following the spin-off, Jollibee and JFCI will become two independent publicly traded companies, with existing shareholders receiving JFCI shares proportionate to their holdings. Jollibee stated that since the launch of the spin-off plan in early 2026, it has completed preliminary preparations in various aspects such as structure, governance, financing, systems, and organization to ensure that the Philippine and international operations can develop independently and flexibly. Jollibee Chairman Ernesto Tanmantiong noted that Hong Kong is the market that best aligns with the company's business development, geographical strategy, and long-term goals, offering an ideal market environment and high-quality investor base to reflect JFCI's unique business value and growth potential. The company also announced the appointment of Richard Shin as the CEO of the proposed spin-off entity JFCI. Shin currently serves as Jollibee's Chief Financial and Risk Officer, as well as the Chief Executive Officer of Jollibee International, and has 30 years of international finance and business leadership experience across the consumer and retail industries, having held key positions at multinational companies such as William Grant & Sons, Ralph Lauren, Bacardi, and Altria. Jollibee Foods, which is already listed in Manila, is the second multinational company from the Philippines, following San Miguel Brewery. Jollibee has been actively expanding abroad in recent years, with its brands including not only the fried chicken-focused Jollibee but also Smashburger and Coffee Bean & Tea Leaf, with operations spanning North America, the Middle East, and Europe. Currently, Jollibee has 24 outlets in Hong Kong and has a strong influence within the Filipino community. It is reported that to enhance business focus, Jollibee had previously considered spinning off its international business to list in the United States, but in June this year, it was revealed that plans had shifted to a Hong Kong listing, which could potentially be completed by the end of next year.