Jollibee Foods Corporation Completes Full Acquisition of Tim Ho Wan in Hong Kong
Strategic Expansion in the Food and Beverage Industry
The Jollibee Foods Corporation, the powerhouse behind leading fast-food chains across Asia, has successfully acquired the remaining 8% stake in Tim Ho Wan, a renowned dim sum chain in Hong Kong known for its Michelin-starred offerings. This investment, valued at S$20.2 million (US$15.3 million), solidifies Jollibee's commitment to the food and beverage industry in the region.
Tim Ho Wan’s Legacy and Market Presence
- Tim Ho Wan, founded by chefs Mak Kwai-pui and Leung Fai-keung, debuted in 2009.
- It operates approximately 80 locations across 11 key markets, including Singapore, Shanghai, Beijing, and Tokyo.
- Known as the most affordable Michelin-starred restaurant globally, it boasts iconic dishes like baked barbecue pork buns and steamed rice rolls.
Challenges in the Hong Kong Market
As the acquisition unfolds, Jollibee aims to position Tim Ho Wan as its flagship brand for Chinese cuisine amidst challenges in Hong Kong's food and beverage industry. The sector has seen a downturn due to local customers gravitating towards mainland China for leisure, while decreasing consumption on the mainland prompts Beijing to stimulate economic activity through various measures.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.