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Jollibee eyes revenue growth on back of 'aggressive' China expansion

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Hong Zhuang Yuan opened its first ever in-mall store on September 9, 2021. With the restaurant’s new location in Xiyue Sky Street, customers lined up on its opening day to get a taste of Hong Zhuang Yuan’s affordable signature dishes. Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/11/26/20211126-hong-zhuang-yuan.jpg"/><figcaption>Hong Zhuang Yuan opened its first ever in-mall store on September 9, 2021. With the restaurant’s new location in Xiyue Sky Street, customers lined up on its opening day to get a taste of Hong Zhuang Yuan’s affordable signature dishes. <em>Handout</em></figcaption></figure></div><p>MANILA— Jollibee Foods Corp on Friday said the continued expansion of its brands Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan in mainland China will boost its revenues. </p><p>Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan opened 80 stores in China with 33 more set to open by December, JFC said in a disclosure to the stock exchange.</p><p>“The expansion efforts of these brands will play a huge and important role in generating revenue and strengthening the Jollibee Group’s growth, especially since China is one of the company’s four-pillar markets,” said Jollibee Group President and CEO Ernesto Tanmantiong.</p><p>Tim Ho Wan now has 6 stores across Shanghai. The Jollibee Group earlier said it bought the remaining shares in the fund that owns Tim Ho Wan.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/11/21/jollibee-says-to-buy-remaining-shares-in-fund-owning-tim-ho-wan-brand">Jollibee says to buy remaining shares in fund owning Tim Ho Wan brand</a></li></ul><p>JFC said it was planning to &quot;aggressively grow&quot; Tim Ho Wan in China with a target of 100 outlets within 5 years.</p><p>Yonghe King, meanwhile, opened 62 new stores in 2021, the group said. The target is to bring its current 383 store count in China to 1,000 within 5 years.</p><p>Hong Zhuang Yuan, meanwhile, now has 44 stores in the Chinese capital which is expected to grow by 60 by the end of the year, JFC said.</p><p>The homegrown Jollibee Group allocated a record P12.2 billion for its capital expenditures for the year, &quot;with a focus on expansion in Asian countries such as China.&quot;</p><p>JFC aims to be among the top 5 restaurant companies in the world. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/16/19/jollibee-eyes-china-us-as-next-pillars-of-growth">Jollibee eyes China, US as next &#x27;pillars of growth&#x27;</a></li>	<li><a href="https://news.abs-cbn.com/business/03/09/12/jollibee-acquires-stake-chinese-fast-food-chain">Jollibee acquires stake in Chinese fast food chain</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1800056" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Jollibee Foods Corp on Friday said the continued expansion of its brands Tim Ho Wan, Yonghe King, and Hong Zhuang Yuan in mainland China will boost its revenues. 