Jollibee Shares Surge After Filipino Fried Chicken Chain Announces Spin-Off of Global Business for U.S. Listing

Shares of Jollibee Foods Corp. jumped the most in more than five years after the Philippine fast-food chain announced plans to spin off its international business and list it on a U.S. stock exchange by late 2027. The move is intended to separate its domestic and international operations, sharpening strategic focus and potentially improving valuation clarity for investors. The company has already retained international and local advisers to execute the plan.

Jollibee Foods Corporation International will include all of the company's operations outside its home country, while the domestic business will remain listed on the Philippine Stock Exchange. The company expects to complete the listing by late 2027, subject to market conditions and regulatory approvals. Shareholders will receive shares in the international entity proportional to their holdings in the domestic business.

The Philippine domestic operations have historically been the primary revenue driver for Jollibee, offering a stable and cash-generative business model. The international business, while more volatile, is expected to grow as Jollibee expands its global footprint in countries like China, Canada, and Vietnam.

Why the Move Happened

The spin-off aims to allow investors to value Jollibee's domestic and international segments independently. Analysts suggest that this could enhance strategic clarity and potentially boost investor interest in the higher-growth international operations.

Jollibee has pursued a global expansion strategy for over two decades, acquiring brands such as Smashburger, Tim Ho Wan, and Coffee Bean and Tea Leaf. As of September 2025, the company had 10,304 stores globally, with 6,859 of them located overseas.

How Markets Responded

Jollibee's shares surged as much as 11.56% in the Philippines, marking their largest one-day gain since October 2020. The stock also gained more than 14% in the following session, the biggest jump since 2008. The market response indicates strong investor confidence in the spin-off and listing plan.

Analysts note that the domestic business might see a lower market valuation after the spin-off. This could affect its weighting in certain stock indexes. However, the international business is expected to attract new investors interested in the company's global growth potential.

What Analysts Are Watching

Analysts are closely watching how the spin-off and listing will affect Jollibee's overall market capitalization. COL Financial Group analyst Rachelle Biacora said the move could highlight the international operations' potential for growth despite their volatility.

The company faces challenges in its international ventures, with some acquisitions like Smashburger and Coffee Bean and Tea Leaf struggling to turn a profit. Analysts will monitor how effectively Jollibee can integrate and improve the performance of its global brands.

The planned U.S. listing also raises questions about how the company will navigate U.S. regulatory and market conditions. This could include considerations such as investor expectations and competitive pressures from other global fast-food players.

Jollibee plans to maintain its listing in the Philippines while pursuing the new listing in the U.S. The company said it is in the early stages of the process and will provide updates as needed.

The strategic move aligns with Jollibee's broader ambitions to compete with global fast-food giants like McDonald's and Yum! Brands. It reflects a long-term vision of positioning itself as a key player in the global fast-food industry.