Exhibit 21.1


List of Significant Subsidiaries


Significant Subsidiaries Place of Incorporation
TH Hong Kong 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 Service Co., Ltd. PRC
Tims Coffee (Shenzhen) Co., Ltd. PRC
Shanghai Donuts Enterprise Management Co., Ltd. PRC