Recently, Bloomberg, CNBC and other media, citing “people familiar with the matter,” reported that Starbucks has received several acquisition proposals targeting its China business.

According to reports, “people familiar with the matter” told CNBC that more than 30 bidders have submitted offers for Starbucks’ China business, valuing it between USD 5 billion and 10 billion (approximately RMB 35.8 billion to 71.7 billion), and the final bid is expected to land near the upper end of that range.

Given that Starbucks’ current market capitalization is around USD 108 billion, and its China business contributes over 8% of global revenue, outside observers believe a reasonable valuation for this unit would be around USD 9 billion (approximately RMB 64.6 billion).

On the other hand, the report mentioned that several potential investors interested in Starbucks’ China business have submitted their acquisition proposals to Starbucks. These include names that surfaced in earlier rumors—such as KKR, FountainVest Partners, China Resources, and Meituan—as well as new entrants like Hillhouse Capital (which has invested in JD.com and Tencent, among others), The Carlyle Group (formerly held a stake in McDonald’s China)，, plus Centurium Capital, the largest shareholder of Luckin.

It is worth noting that, regarding its China operations, Starbucks has explicitly told the media that it has “no intention of fully divesting its China business at this time.” A Starbucks spokesperson said the company remains committed to the Chinese market and hopes to retain a significant stake in its China operations. A person familiar with the transaction process revealed that Starbucks may retain a 30% stake in its China business, with the remaining shares potentially divided among a group of buyers, each holding no more than 30%.

However, most of the institutions participating in the bidding prefer to acquire a controlling stake in Starbucks’ China business, better aligning with their own investment strategies. Therefore, “people familiar with the matter” further revealed that although Starbucks’ preferred plan is to sell a minority stake to partners to help its China business return to growth, the company may now consider selling a larger proportion depending on valuation and other factors.

At present, multiple media outlets report that Starbucks is evaluating potential buyers’ bids, transaction structure proposals, and value-creation plans post-deal, after which it will shortlist candidates. The initial screening may be completed within two months, but it is unlikely the entire transaction will close before the end of this year.

In addition, regarding the progress of the bidding for Starbucks’ China business, an industry insider interviewed by Xiao Shidai (a food-and-beverage trade media) said that, to their knowledge, the “more active” bidders among the contenders are Hillhouse, KKR, and Carlyle, but they believe Centurium Capital behind Luckin is “unlikely” to secure an equity stake in Starbucks’ China operations.

This wave of intensive rumors has once again drawn public attention to the future trajectory of Starbucks China. It should be noted that, with the rise of Chinese local brands such as Luckin, Starbucks’ market share in China plummeted from 34% in 2019 to 14% in 2024, and data shows that Starbucks’ same-store sales had declined for four consecutive quarters, while its average customer spend fell for ten straight quarters.

However, Starbucks China responded to Xiao Shidai, stating that the brand firmly believes in the enormous long-term potential of the Chinese market and is evaluating the best way to capture future growth opportunities.

“We are looking for strategic partners who share our values, working together to deliver a premium café experience.Our confidence in and commitment to the Chinese market remain unchanged, and we hope to retain a substantial stake in our China business.At the same time, any transaction must be in the interests of Starbucks and its partners (employees).