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Tencent JD shortlisted for Starbucks 'China business investors?!

Published: 2026-01-16 Author:

Last Updated: 2026/01/16, ▲ Click to pay attention| Shortly after the new quarterly financial report of the Daily Boutique Coffee Culture Magazine Coffee Factory was released, new news came from Starbucks 'China sales business, which has attracted attention from all walks of life. Bloomberg News recently reported that Starbucks has screened possible investors for its China business, including private equity firms

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Shortly after the new quarter's financial report was released, new news came from Starbucks 'China sales business, which attracted attention from all walks of life. Bloomberg News recently reported that Starbucks has screened possible investors for its China business, and about dozens of institutions, including private equity firms and technology companies, have been shortlisted for the second round.

The candidate list disclosed by people familiar with the matter mentioned private equity companies such as Boyu Capital, Carlyle Group, EQT AB, Fangyuan Capital, KKR, Hillhouse Capital and Chunhua Capital. In addition, the list also contains the names of two unexpected China technology companies, namely Jingdong Group and Tencent Holdings Limited.

The report quoted people familiar with the matter as saying that the shortlisted companies will receive Starbucks financial information in China so that they can evaluate and prepare bids in the next few months. People familiar with the matter say new investment and greater local expertise can help Starbucks expand its store number, further develop its supply chain in China, and enhance its mobile platform and brand strategy for China consumers.

During an earnings conference call with analysts a few days ago, Starbucks CEO Nicole said that they would look for partners in China, revealing that more than 20 potential partners have expressed strong interest, and the brand is evaluating various options.

As for the screening criteria for these 20 candidates, Nicole gave two conditions, namely, they must share the same mission and values as Starbucks and be able to become an excellent partner for more efficient operations in the local market. In addition, Nicol emphasized that Starbucks still hopes to "retain a significant proportion of equity" in its China business in the future, and said that finding partners in China is "not about capital.""It's about how we ensure that the Starbucks brand is in a better position in the future."

According to the financial report disclosed by Starbucks, China is the second largest market for the Seattle-based coffee chain. However, in recent years, Starbucks has fallen behind local competitors such as Luckin, and its performance results are not good.

Therefore, in order to improve the situation of the China market, Starbucks began to follow its competitors and added products such as fruit tea, fruit coffee, and "authentic sugar-free" to the menu; lowered its price by lowering the unit price of its long-unchanged products; and cooperated with popular stars and popular IPs to attract fans to buy and place orders. Various measures have improved Starbucks China's performance, with same-store sales indicators rising for the first time since the end of 2023 in the latest quarter.

The recovery in performance has naturally added some appeal to Starbucks 'China business, and matters related to the sale of equity have also been put on the agenda again. Only these people familiar with the matter who disclosed the information to the media said that although discussions are ongoing, the list of investors this time is not a foregone conclusion. Other industry and financial investors may also join when the negotiations advance to a more in-depth stage, and may not lead to any transactions in the end.

In response to Bloomberg news reports, Starbucks declined to comment, as did representatives of EQT, Fangyuan Capital, Hillhouse Capital, KKR and Chunhua Capital. Boyu, Carlyle Group, JD and Tencent did not respond to requests for comment.

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