The restaurant has six branches in Hong Kong and 47 across the rest of Asia, including 12 each in Singapore and Taiwan, and seven in the Philippines. The restaurant earned its Michelin star a year later. The restaurant was started in 2009 as a 20-seater in Mong Kok by chef Mak Kwai-pui, who used to helm the three Michelin starred Lung King Heen at the Four Seasons Hotel, and chef Leung Fai-keung. A set of three pork buns comes for HK$23 (US$3). Tim Ho Wan is famous for its affordably priced sweet and savoury baked barbecue pork buns and other dim sum and dumplings.
The plan is to "open 100 stores across China over the next four years", the JFC spokesman said. JFC opened its first Tim Ho Wan restaurant in Shanghai in September last year and has opened two more since. "JFC acknowledges the importance of its foreign market - with majority of its store expansion in 2021 being geared towards foreign stores." With this in mind, we can see that the overseas market is a key factor in JFC's growth story - especially in the near-term as domestic demand for JFC is still depressed due to quarantine restrictions impeding mobility," said Dionil Jamil, head of equity research at Philippines-based ATR Asset Management. "China is JFC's second-largest revenue contributor in the company's foreign store portfolio. Of these, 3,192 stores were in the Philippines, while 407 stores - of brands that include Yonghe King, Hong Zhuang Yuan and Dunkin' Donuts - were in China. In the first half of this year, JFC had a network of 17 brands across 33 countries with 5,816 outlets. In the April to June period, same store sales growth in China matched that of the Philippines, at 48%, and were the highest among JFC's overseas markets, according to its filing with the Philippine bourse. In the first half of 2021, JFC posted net income of 1.1 billion pesos, reversing a loss of 11.9 billion pesos in the same period a year ago. JFC swung to a loss of 11.5 billion pesos (US$230 million) last year from a net income of 7.3 billion pesos in 2019, according to information available with the Philippine stock exchange. Its China operations tempered losses last year as it was the only market where all of its stores had reopened as of end of 2020. And with the Philippine market still hobbled by lockdowns to contain the spread of the coronavirus pandemic, China is playing an important role in generating revenue for the company. In line with plans to further expand operations in China, JFC entered into a joint venture agreement with the Tim Ho Wan Group to open and operate Tim Ho Wan restaurants in the mainland," said a company spokesman.Ĭhina is JFC's second-largest market after the Philippines.
"The Jollibee Group aims to build, as an important part of its portfolio, a significant business serving Chinese cuisine in different parts of the world. Jollibee Worldwide, a unit of JFC's, completed the acquisition of Hong Kong-based Tim Ho Wan last month by paying S$71.56 million (US$53.25 million) for a 15% share that it did not yet own, to private-equity fund Titan Dining, which held the restaurant's master franchise. HONG KONG: The Philippines' Jollibee Foods Corporation (JFC), famous for its fried chicken, is aiming to not only expand to China, but to serve Chinese food all over the world to drive growth, a goal it hopes to achieve by acquiring Michelin starred restaurant chain Tim Ho Wan.
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