Xin Lang Cai Jing·2025-10-17 02:33Group 1 - The core focus of the article is the acquisition of Starbucks' China business, with private equity firms Carlyle Group and Boyu Capital leading the bidding process [3] - Starbucks initiated the sale process in May 2025 to attract strategic partners due to slowing growth and intense competition from local brands like Luckin Coffee and Koolearn [3] - Five private equity firms submitted binding offers, with a decision expected by the end of the month; other bidders include Sequoia Capital, Primavera Capital, and FountainVest Partners [3] Group 2 - The estimated valuation of Starbucks' China business is around $4 billion, excluding franchise fees; including retained shares and future franchise income, the total value could exceed $10 billion [3] - Starbucks may retain up to 49% of the business and is considering the possibility of a joint bid [3] - Despite experiencing three consecutive quarters of revenue decline in 2024, Starbucks' business has rebounded in 2025, achieving year-on-year growth for three consecutive quarters [4] - CEO Brian Niccol emphasized the importance of finding a partner aligned with Starbucks' mission and values to ensure the brand's future positioning in China [4]