Zhi Tong Cai Jing·2025-12-19 07:03Group 1 - The core point of the article highlights that Western food and beverage giants are increasingly turning to Chinese private equity firms for investment as traditional operating models fail amid intensifying local competition [1] - Starbucks has agreed to sell 60% of its Chinese business to Boyu Capital, valuing the business at $4 billion, while CPE Yuanfeng is investing $350 million to acquire 83% of Burger King's China operations [1] - Other multinational companies are following suit, with IDG Capital recently acquiring the Chinese business of Yuno Yogurt, and reports indicating that General Mills and Oatly are also considering selling parts of their operations [1] Group 2 - Chinese private equity firms possess not only capital but also deep operational experience, strong local networks, and a willingness to reform management and strategy [2] - Many collaboration models allow foreign companies to retain minority stakes and intellectual property, thus generating long-term royalty income while handing over daily operations to local investors [2] - The resurgence of spin-off transactions this year underscores the trend of multinational companies reassessing their operations in China due to geopolitical uncertainties, slowing consumer demand, and pressure from shareholders to refocus on core markets [2]