Jollibee Foods Corp. on Wednesday said the integration of Tim Ho Wan into its portfolio will significantly enhance its financial performance, particularly in the Chinese cuisine segment. The popular Hong Kong-based restaurant chain, known for its Michelin-starred dim sum and Cantonese dishes, will become the flagship brand in Jollibee’s fourth culinary pillar—Chinese cuisine.
Richard Shin, Jollibee chief financial officer, confirmed that the formal transfer of Tim Ho Wan’s ownership from Titan Dining LP is expected to conclude by January 2025. Despite the transfer, Jollibee clarified that the brand will not immediately be consolidated into its financial statements. Shin explained the company is focused on completing the necessary legal processes ahead of the full integration.
“This brand represents the lead name in our Chinese cuisine category,” Shin said in briefing reporters. “Tim Ho Wan offers an authentic mix of Cantonese dim sum, barbecue meats, and wok-fried dishes, which align perfectly with our strategic vision.”
In a move that underscores the deal’s positive financial impact, Jollibee reported a windfall of P810 million from the revaluation gain of its stake in Tim Ho Wan, which was sold to the parent company. According to Abacus Securities Corp., the revaluation gain was confirmed at approximately P810 million, prompting an upward revision of Jollibee’s recurring net income for both the third quarter and the year-to-date period.
The acquisition itself is valued at USD20.2 million, reflecting the 8 percent stake held by other investors in Titan Fund, a subsidiary of Titan Dining LP. Jollibee subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), has held a dominant 92 percent stake in Titan Fund since January 2023.
Founded in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, Tim Ho Wan quickly gained international acclaim for its high-quality, affordable Cantonese cuisine, earning a Michelin star in 2010. The brand has since expanded globally, renowned for its signature barbecue pork buns and other dim sum specialties.
Jollibee’s acquisition of Tim Ho Wan represents a strategic effort to bolster its Chinese cuisine offerings, which Shin believes will be a key growth driver for the company in the coming years.
