Richard Shin, currently Jollibee’s CFO, to lead the spinoff
The Hong Kong venue marks a shift from Jollibee’s earlier plans. When the Filipino company first announced the separation in January, it had said it was considering listing the international business on a U.S. securities exchange. Jollibee said Tuesday the Hong Kong exchange represents a “natural market” for JFCI given the company’s presence and brand recognition in Asia.
Jollibee said the Hong Kong venue would provide access to a broad base of global and regional investors, making it well suited to support a business whose ambitions extend beyond Asia. An established universe of listed consumer and restaurant companies there also offers reference points for evaluating JFCI, according to the company.
If the Hong Kong plan proceeds, it would add to the number of non-Chinese firms tapping Hong Kong’s capital markets. The Wall Street Journal, reporting on Jollibee’s announcement, said a flood of Chinese issuers has made Hong Kong one of the world’s top venues for initial and secondary offerings and that foreign interest is rekindling.
Shin is currently chief financial and risk officer at Jollibee and CEO of JFC International. Jollibee was founded in 1975 and houses 19 brands with more than 10,000 outlets in 33 countries. The company is working with Sidley Austin, Picazo Buyco Tan Fider Santos & Dee, and other advisors on the separation and listing process.