Zhi Tong Cai Jing·2025-10-28 13:25Core Insights - Boyu Capital has emerged as the preferred partner for Starbucks' (SBUX.US) China business acquisition, with a potential valuation exceeding $4 billion [1][2] - The deal is part of Starbucks' efforts to revitalize its operations in its second-largest market, China [1] - Negotiations between Starbucks and Boyu Capital may take several months, and there is no guarantee that a deal will be finalized [1] Company Overview - Starbucks opened its first store in mainland China in 1999 and currently operates approximately 7,800 stores across over 250 cities [2] - The company aims to increase its store count in China to 20,000, despite facing intense competition from local brands, particularly Luckin Coffee (LKNCY.US) [2] - Starbucks' CEO Brian Niccol indicated that the process of bringing in new investors has attracted over 20 potential investment parties [2] Investment Landscape - Other private equity firms involved in the bidding for Starbucks' China business include Carlyle, Yintai Group, FountainVest Partners, KKR, Hillhouse Capital, and Primavera Capital [2] - Boyu Capital, founded in 2011 and headquartered in the Cayman Islands, focuses on private equity, public market equities, real estate, and infrastructure investments, with a primary focus on technology, consumer retail, and healthcare sectors [2]