Jollibee parent fully acquires Hong Kong’s Michelin-rated Tim Ho Wan dim sum chain
Jollibee Food Corporation buys remaining 8 per cent stake in company for S$20.2 million
The parent company of Philippine-based fast-food giant Jollibee will fully take over Hong Kong’s Michelin-rated restaurant chain Tim Ho Wan by acquiring the remaining 8 per cent stake in the firm for S$20.2 million (US$15.3 million), with a former Singaporean co-owner of the dim sum brand hailing its global success.
Tim Ho Wan, which made global headlines as the cheapest Michelin-star restaurant in the world more than a decade ago, is known for its sweet and savoury baked barbecue pork buns, steamed rice roll, turnip cake and dumplings.
Tim Ho Wan was established by local chefs Mak Kwai-pui and Leung Fai-keung in 2009 and earned a Michelin star the following year.
Jollibee Food Corporation, which runs fast-food chains across Asia, owned 92 per cent of the dim sum company in January, and the latest deal gives it full ownership.
Tim Ho Wan runs about 80 stores in 11 markets including Singapore, Shanghai, Beijing, Melbourne, Tokyo, Macau, South Korea and Manila.
Its first restaurant in Hong Kong – at No 9 Fuk Wing Street in Sham Shui Po – held a star from 2010 to 2021. It now holds the Bib Gourmand distinction, which the Michelin Guide uses for restaurants it deems good value.
