Philippines fast-food giant Jollibee is considering listing its international arm in Hong Kong, advancing plans to split its overseas and domestic businesses. Hong Kong represents a “natural market” for Jollibee Foods Corporation International—or JFCI—given its presence and brand recognition in Asia, the company said Tuesday.

Jollibee said the Hong Kong exchange would provide access to a broad base of global and regional investors, making it well suited to support a business with ambitions that extend beyond Asia. An established universe of listed consumer and restaurant companies also offers reference points for evaluating JFCI.

When Jollibee first announced the spinoff plan in January, it had said it was considering listing the international business on a U.S. securities exchange. If the Hong Kong plan goes through, it would add to the number of non-Chinese firms choosing to tap Hong Kong’s buzzing capital markets. Jollibee also announced Richard Chong Woo Shin would be the spinoff company’s chief executive.

Founded in 1975, the Jollibee restaurant group houses 19 brands with over 10,000 outlets in 33 countries, including the Tim Ho Wan dim sum chain and Smashburger. The company is working with Sidley Austin, Picazo Buyco Tan Fider Santos & Dee, and other advisors on the separation and listing process.