2 1 Shi Ji Jing Ji Bao Dao·2025-09-11 23:17Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [1][2]. Group 1: Stake Sale Details - The key issue regarding the stake sale is the percentage of ownership that Starbucks will retain, with indications that the company may keep around 30% of the stake while distributing the remaining shares among several buyers [2][3]. - Starbucks CEO Brian Niccol emphasized the importance of retaining a significant portion of equity in the Chinese market to ensure the company's interests are met [2][4]. Group 2: Market Position and Competition - Starbucks has opened 70 new stores in China, bringing the total to 7,828 as of the end of June [1]. - The competitive landscape is shifting, with Luckin Coffee reporting a 47.1% year-on-year revenue increase to 12.36 billion yuan, significantly outpacing Starbucks [11]. - Luckin Coffee's store count reached 26,206 by the end of the second quarter, highlighting a growing gap in market presence compared to Starbucks [11]. Group 3: Operational Flexibility - Starbucks China has gained more operational flexibility, including the ability to adjust prices and engage in local partnerships, such as a collaboration with Xiaohongshu [8][10]. - The company reported an 8% year-on-year revenue growth to 790 million USD (approximately 5.625 billion yuan) for the latest fiscal quarter, marking three consecutive quarters of growth [10]. Group 4: Strategic Importance of Local Partnerships - Finding a partner that understands the Chinese market is crucial for Starbucks' expansion strategy, as indicated by Niccol [13]. - The trend of local coffee brands rapidly expanding, such as Kudi Coffee with over 15,000 stores, poses a significant challenge to Starbucks' market share [12].