Starbucks(US:SBUX) 第一财经·2025-11-04 01:51Core Viewpoint - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, indicating a significant shift in its business strategy in the region [2]. Group 1: Strategic Partnership - The joint venture will see Boyu Capital holding up to 60% equity, while Starbucks retains 40% and continues to own the brand and intellectual property [2]. - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks expecting the total value of its retail business in China to exceed $13 billion [2]. Group 2: Market Context and Valuation - Rumors of Starbucks selling its China operations have circulated for some time, with estimates of the business's valuation ranging from $5 billion to $6 billion [3]. - Recent reports suggest that Starbucks' valuation in China could reach as high as $10 billion [4]. Group 3: Business Growth and Strategy - Starbucks remains optimistic about growth opportunities in the Chinese market and is focused on revitalizing its business there [5]. - In the fourth quarter, Starbucks opened 183 new stores in China, entering 47 new county-level markets, with a total of 8,011 stores across 1,091 county-level cities by the end of fiscal year 2025 [5].