Boyu in Starbucks China partnership talks with Tencent and GIC

Group 1 - Boyu Capital is negotiating to include Tencent, Singapore's GIC, and potentially other investors as limited partners in its investment in Starbucks' China business, with a transaction value of $4 billion [1][2] - Starbucks will maintain a 40% stake in the new joint venture and will continue to own and license the brand and intellectual property [2] - The China market is Starbucks' second-largest, with approximately 8,000 outlets and a target of around 20,000 stores [2] Group 2 - Boyu aims to expand Starbucks beyond major urban centers into smaller cities and high-traffic areas such as tourist destinations, metro systems, and airports [2][3] - Boyu was one of five shortlisted bidders for the sale of the China stake, selected by Starbucks in September 2025 [3] - Other international consumer brands are also seeking local partnerships to strengthen their market positions, as seen with Restaurant Brands International and Goldman Sachs [4]