21世纪经济报道·2025-09-12 04:11Core Viewpoint - Starbucks is in the process of selling its controlling stake in its China operations, with several private equity firms preparing final bids by early October, and a potential agreement by the end of next month [1][2]. Group 1: Sale Process - The final bidders for Starbucks China include Carlyle, Hillhouse, Sequoia China, and Boyu Capital, with Springhill Capital potentially partnering with one of the main bidders [1]. - Starbucks aims to retain control over its coffee roasting facilities in China to maintain quality, while the specifics of the share sale are still negotiable [1]. - CEO Brian Niccol has expressed the company's commitment to the Chinese market, indicating a desire to keep a significant portion of equity in the business [1]. Group 2: Competitive Landscape - Luckin Coffee has shown significant growth, with a 47.1% year-on-year revenue increase in Q2, reaching 12.36 billion yuan, outpacing Starbucks [2]. - Luckin's same-store sales grew by 13.4% in Q2, driven primarily by an increase in cup volume, while Starbucks reported only an 8% revenue growth in China during the same period [4]. - Starbucks' same-store sales increased by 2%, with a 6% rise in transaction volume, but a 4% decline in average transaction value [4].