THE JOLLIBEE GROUP is eyeing to open 100 more Tim Ho Wan restaurants in China by 2025 after making its debut in the country last week.
“We are excited to grow the Tim Ho Wan brand in mainland China as we leverage on our established network here and knowledge in food-service,” said Jollibee China Chairman Carl Tancaktiong in a statement on Monday.
Hong Yun Hong (Shanghai) Food and Beverages Management Co. Ltd., the joint venture of Jollibee subsidiary Golden Plate Pte. Ltd. with Dim Sum Pte. Ltd., was granted in March a right and license to operate the Michelin-starred dim sum brand in Shanghai. It opened its first store on Sept. 23.
The joint venture plans to open its second store before the year ends. It is also looking to expand in other mainland China cities, such as Beijing, Shenzhen, and Guangzhou, according to Mr. Tancaktiong.
“Opening in Shanghai, one of the busiest global hubs, is an excellent starting point for our expansion plans for Tim Ho Wan in Mainland China, and our near-term goal is to open 100 restaurants in the next five years,” Jollibee Group Chief Executive Officer Ernesto Tanmantiong said.
On Monday, shares in Jollibee Foods Corp. inched up 0.80% to close at P139.10 apiece. — Adam J. Ang