Hillhouse Capital plans to acquire Starbucks' China business.

Foreign media reports that, according to informed sources, Hillhouse Capital recently participated in Starbucks China's reverse management roadshow, expressing interest in acquiring Starbucks China business. This roadshow also attracted participation from other investment institutions such as Carlyle Group and Trustbridge Partners. The deal structure has not been finalized yet. Starbucks China business is estimated to be valued at around 5 to 6 billion US dollars, with Goldman Sachs serving as the exclusive financial advisor. The transaction is expected to continue until 2026. In 2024, Starbucks achieved a net income of 3 billion US dollars in China, with 7,685 stores, facing fierce competition from local brands such as Luckin Coffee and Mikel Ice.