Jollibee joint venture to operate ‘hot pot’ restaurants in China, HK, Macau

Jollibee Food Corporation (JFC), the Philippines’ largest food service company, has partnered with Taiwan’s largest restaurant chain to operate “hot pot” restaurants in mainland China, Hong Kong and Macau.

 

JFC disclosed to the Philippine Stock Exchange Wednesday that its subsidiaries Jollibee Worldwide Pte. Ltd. and Golden Plate Pte. Ltd. joined Hoppime Ltd., a subsidiary of Taiwan-based Wowprime Corporation, to set up JV Company, which will operate the “12 Sabu” outlets. 

 

Hot pot, a popular dining style in China, refers to a stew cooked by customers in stone pots placed on the tables. “12 Sabu” or JV Company’s hot pot brand serves “low-priced hot pot dishes served in a clean and bright dining environment,” JFC noted in their disclosure.

 

As of 2011, Taiwan had 18 of these Sabu restaurants, generating NT$200 million in revenues.

 

The JFC subsidiaries and the Wowprime subsidiary will each have a 48 percent stake in the joint venture. The remaining 4 percent will be owned by other Chinese investors in the retail sector.

 

JFC expects to invest $8 million in the hot pot company from 2012 to 2015, it said in the disclosure.

 

Wowprime is a listed Taiwanese company which owns and operates 210 stores under 11 brands in Taiwan, 46 stores under 2 brands in China, and 2 stores under 1 brand in Thailand. JFC said it would be Wowprime’s first attempt at a joint venture.

 

JFC operates 367 stores under three brands in China, as well as research, development and food facilities. The Philippines’ largest food chain operates 2,022 stores in the country under the Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King brands. — DVM, GMA News