Group 1 - The acquisition competition for Starbucks China has intensified with the involvement of Hillhouse Capital, Xincheng Capital, and Carlyle Group [2] - Starbucks China's business is valued at approximately $5 to $6 billion, with Goldman Sachs serving as the exclusive financial advisor for the transaction, which is expected to continue until 2026 [2] - The initial round of negotiations for Starbucks China's business began in February, with several private equity firms expressing interest, including KKR and FountainVest [2] Group 2 - Hillhouse Capital has extensive M&A experience and a strong track record in the consumer sector, having previously invested in brands like Heytea and Mixue Ice Cream [4][5] - Xincheng Capital, a subsidiary of CITIC Capital, specializes in controlling equity investments and has a rich history in cross-border M&A, including investments in McDonald's China [6][7] - Xincheng Capital aims to capitalize on structural opportunities arising from the divestiture of multinational companies' operations in China, addressing challenges faced by foreign enterprises in the market [7]