星巴克中国要卖了，估值超350亿

Core Viewpoint - The article discusses the intense interest from private equity firms in acquiring Starbucks' China operations, highlighting the competitive landscape and the challenges faced by Starbucks in the Chinese market [1][2][5]. Group 1: Acquisition Interest - Hillhouse Capital has shown interest in acquiring Starbucks' China business, participating in a management roadshow [1][5]. - Other notable investment firms, including Carlyle Group and Xincheng Capital, are also involved in the bidding process for Starbucks China, with the business valued at approximately $5 to $6 billion (around 350 to 430 billion RMB) [2][5]. - The competitive bidding landscape includes major players like KKR, PAG, and potential domestic buyers such as China Resources Group and Meituan [5]. Group 2: Market Challenges - Starbucks has been operating in China for 26 years, with over 7,700 stores, but faces fierce competition from local brands like Luckin Coffee and Mixue Ice Cream [3][7]. - The emergence of Luckin Coffee has significantly impacted Starbucks' market position, with Luckin achieving a store count of 24,097 by Q1 2025, nearly three times that of Starbucks China [8][9]. - Starbucks reported a 6% decline in same-store sales in Q1 2025 and announced its first price reduction in 25 years, indicating the pressure from competitors [9]. Group 3: Strategic Shifts - Starbucks is exploring various strategies to enhance its growth in China, including seeking external strategic investors [9]. - The article draws parallels with McDonald's China, which successfully navigated a similar acquisition and localization process, suggesting that Starbucks could benefit from a similar approach [11]. - The current environment in the consumer market is characterized by significant mergers and acquisitions, with many brands being targeted for acquisition due to favorable pricing and cash reserves among buyers [12][14].