Exhibit 8.1
List of Significant Subsidiaries
| Significant Subsidiaries | Place of Incorporation | |
| TH Hong Kong International Limited | Hong Kong | |
| PLKC International Limited | Cayman Islands | |
| PLKC HK International Limited | Hong Kong | |
| Tim Hortons (China) Holdings Co. Ltd. | PRC | |
| Tim Hortons (Shanghai) Food and Beverage Management Co., Ltd. | PRC | |
| Tim Hortons (Beijing) Food and Beverage Services Co., Ltd. | PRC | |
| Tim Hortons (Shenzhen) Food and Beverage Co., Ltd. | PRC | |
| Tims Coffee (Shenzhen) Co., Ltd. | PRC | |
| Shanghai Donuts Enterprise Management Co., Ltd. | PRC | |
| Bobipai (Shanghai) Catering Management Co., Ltd. | PRC |