The move is being viewed as another major step in Jollibee’s long-term ambition to become one of the world’s top five restaurant companies, as the fast-growing Asian food conglomerate seeks to strengthen its presence in North America, Asia, Europe, and the Middle East.

Tim Ho Wan, founded in Hong Kong in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, became globally famous after receiving a Michelin star in 2010. The restaurant quickly earned the nickname “the world’s most affordable Michelin-starred restaurant” because of its relatively low prices despite offering high-quality Cantonese dim sum.

The chain built its reputation on signature dishes such as baked barbecue pork buns, steamed shrimp dumplings, vermicelli rice rolls, and Hong Kong-style dim sum served in a modern but affordable setting.

Over the years, Tim Ho Wan expanded far beyond Hong Kong and now operates dozens of restaurants across Asia, Australia, and North America. The brand has established outlets in countries including Singapore, Japan, South Korea, Vietnam, Australia, the Philippines, and the United States.

Jollibee had already held a controlling interest in Tim Ho Wan through Titan Dining LP, but the latest transaction gives the Philippine company full ownership and direct management control of the restaurant chain.

According to company executives, the acquisition is part of a broader strategy to aggressively expand Jollibee’s Chinese cuisine business segment, which the company believes represents one of the fastest-growing sectors in the global food and beverage industry.

Richard Shin, Jollibee Group’s global chief financial and risk officer, recently explained that Chinese cuisine continues to experience strong global demand as consumers increasingly embrace Asian food cultures. He described the segment as one of the “largest and fastest-growing opportunities” for the group’s international business portfolio.

The acquisition also reflects Jollibee’s transformation from a regional fast-food company into a global restaurant empire. While the brand is best known for its fried chicken, burgers, spaghetti, and Filipino-style fast food, the company has spent the last decade acquiring international restaurant brands to diversify its business.