21世纪经济报道·2025-09-11 07:01Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [1][2] Group 1: Stake Sale and Market Position - The key issue in the stake sale is the proportion of ownership that Starbucks will retain, with indications that the company may keep around 30% of the stake while distributing the rest among multiple buyers [2] - Starbucks CEO Brian Niccol emphasized the importance of retaining a significant stake to maintain operational control in China, stating that any deal must align with Starbucks' interests [1][2] Group 2: Operational Flexibility and Growth - Starbucks has shown increased operational flexibility in China, including a partnership with Xiaohongshu (Little Red Book) to enhance community engagement and a price adjustment strategy that has led to significant sales growth in key product categories [5] - In the latest fiscal quarter, Starbucks China reported an 8% year-over-year revenue increase to $790 million (approximately 5.625 billion RMB), marking three consecutive quarters of growth [5] Group 3: Competitive Landscape - The competitive landscape in the Chinese coffee market is intensifying, with Luckin Coffee reporting a 47.1% year-over-year revenue increase to 12.36 billion RMB, significantly outpacing Starbucks [7][8] - As of the end of Q2, Luckin Coffee had 26,206 stores, reflecting a rapid expansion that has created a noticeable gap between it and Starbucks [7][8]