According to Emesto Tanmantiong, president of Jollibee, the Philippine fast food chain plans to increase the number of restaurants it owns in China to 1,000 in the next five years.
Entering the Chinese market four years ago, Jollibee completely acquired the Shanghai-headquartered YongHe King in June 2007, marking the first step of its expansion in China. In March 2008, it located its first self-owned Jollibee brand restaurant in China in Shenzhen. Before that, the company has opened its Chun Shui Tang tea house in Shanghai. By August 23, 2008, the company had finished its complete acquisition of Beijing Hongzhuangyuan porridge store chain. So far, Jollibee has about 150 outlets of the four brands in China, of these stores, 108 are YongHe King restaurants and 33 are Hongzhuangyuan porridge store.
A representative from Jollibee said that the company would continue to implement acquisitions in the Chinese market while integrating its acquired brands. In addition, the company plans to set up a food processing plant in Shanghai to provide research support for its four brands.