Filipino fast food company Jollibee Foods Corporation (JFC) will tap the hot pot dining market in China through a joint venture with Taiwanese company Hoppime, a subsidiary of Wowprime Corporation.

The joint venture will open hot pot chain 12Sabu in China, Hong Kong and Macau. JFC and Hoppime will equally hold a 48 per cent stake in the joint venture with the remaining four per cent to be acquired by individuals with retail backgrounds in China.

JFC said it will shell out US$8 million in the next three years for the joint venture.

12Sabu is a chain that enables customers to cook hot pot dishes in individual quick-heating stone hot pots. The chain operated 18 outlets in Taiwan as of end of 2011.

12Sabu will be the fourth food chain to be operated by JFC in China beside congee chain Hong Zhuang Yuan, fast food chain Yonghe King and noodle chain San Pin Wang.

Wowprime, founded in 1990, operates 210 stores under 11 brands in Taiwan, two stores under one brand in Thailand and 46 stores under two brands in China.

Meanwhile, JFC operates 2022 stores under six brands in the Philippines and 524 overseas.

JFC is also gearing up for its Singapore expansion after a 60:40 joint venture agreement with Beeworks. Other Asian markets include Vietnam, Indonesia, Hong Kong and Brunei.

GB