Core Viewpoint - Jollibee Foods Corporation, known as "快乐蜂," announced a restructuring plan to spin off its international business into a new company that will be listed in the U.S., aiming to enhance its valuation and compete with global giants like McDonald's and Yum Brands [4][3]. Group 1: Company Overview - Jollibee started as an ice cream shop in the Philippines in 1975 and evolved into a fast-food chain focusing on fried chicken after recognizing market demand [5]. - The company has expanded to over 10,000 restaurants and cafes globally, with about 70% located outside the Philippines [4]. Group 2: International Expansion Strategy - The initial overseas expansion aimed to serve the Filipino diaspora, which numbers between 10 to 12 million globally, with around 4.6 million in the U.S. [8]. - Jollibee strategically opened its first U.S. store in Daly City, California, where the Filipino population is significant [8]. Group 3: Growth and Market Position - Jollibee has over 1,700 global stores, with plans to open 500 more in North America by 2030 [7]. - The brand's signature fried chicken and other products have driven substantial international growth, with Jollibee's revenue from its restaurants accounting for half of the group's total income in 2023 [12]. Group 4: Challenges in Global Market - The acceptance of Filipino cuisine abroad is limited, as the diverse influences on Filipino food make it hard to define and promote [11]. - Jollibee faces stiff competition in the U.S. from established brands like KFC and McDonald's, which complicates its market penetration [11]. - Past acquisitions, such as Smashburger, have not always been successful, highlighting the risks associated with the company's growth strategy [12]. Group 5: Acquisition Strategy - Since 2000, Jollibee has made 27 cross-border acquisitions, spending approximately $1.1 billion, often targeting smaller, struggling companies for turnaround [9]. - The company operates multiple brands, including Jollibee, Chowking, and Yonghe King, but its core revenue still heavily relies on the Jollibee brand [9].