Core Viewpoint - Starbucks is in the final negotiation stage for the sale of its China business, with private equity firms as the main candidates, aiming to retain a 30% stake for operational influence while selling 70% to multiple buyers [1][2]. Group 1: Sale Process and Candidates - The final candidates for the sale of Starbucks' China business include Boyu Capital, Carlyle Group, EQT, Sequoia China, and Primavera Capital, with the deal expected to be finalized by the end of October [1]. - Unlike previous rumors of involvement from corporate venture capital (CVC) firms like Tencent and JD.com, the final candidates are all private equity (PE) firms, which typically focus on enhancing operational efficiency and financial returns [1][2]. Group 2: Strategic Implications - Starbucks CEO Brian Niccol has indicated a desire to retain a significant equity stake, with plans to keep 30% of the shares, allowing for operational control while distributing the remaining 70% among several buyers [1][2]. - This structure enables Starbucks to maintain influence over its China operations and provides flexibility for future equity adjustments, such as potential buybacks when market conditions improve [2]. Group 3: Comparison with McDonald's - The case of McDonald's serves as a successful model for Starbucks, as McDonald's sold approximately 80% of its China business for $2.08 billion in 2017, leading to rapid expansion and improved profitability under local management [3]. - Following the introduction of local capital, McDonald's China opened 1,000 new stores in 2023 alone, demonstrating the potential benefits of local partnerships [3]. Group 4: PE Firms' Track Record - The private equity candidates have strong investment histories in the restaurant sector, such as Primavera Capital's previous investments in Yum China, which yielded significant returns [4]. - These firms are expected to help Starbucks adapt to market changes and enhance its digital capabilities while maintaining operational independence [5].

泰达私募作为一家经验丰富的私募股权投资管理人，过往投资回报良好，其发起设立该基金，并于促进 订约各方协调方面发挥重要作用，包括引入建信股权作为基金管理人以及其他现有基金作为有限合伙 人。该基金将受益于基金管理人及泰达私募的经验、专业网络及资源，从而使该基金可获得有限合伙人 独自难以接触的投资机会。基金管理人将依其自身及建设银行集团的上下游资源优势，全面提升该基金 的营运及管理，以实现财务回报及战略协同的双重价值。 参与该基金将有助本集团加深对医药业务最新行业发展的了解、分散其投资风险，并发掘潜在战略合作 伙伴，以期把握未来其他发展机遇。鉴于该基金的投资目标及策略规划，以及基金管理人的专业知识及 经验，董事认为本集团于该基金的出资将不仅提供更多符合本公司发展战略的行业并购(并购)机会，亦 将提供超越固定收益的潜在回报，从而有效运用其现有财务资源及竞争优势，提升资金配置效率，并改 善资本回报。从长远的角度看，该投资有利于本公司业务结构的逐步优化和升级，并将增强其持续经营 能力。在风险可控的情况下，本公司预期未来将享有该基金的回报，有利于保障股东的利益。 智通财经APP讯，天津发展(00882)发布公告，于2025 ...