近期，全球咖啡巨頭星巴克的中國業務出售案成為市場關注焦點，一場牽動資本與戰略布局的大戲正在上演。這次交易的估值約為50億美元，是近年全球消費品企業在中國剝離業務中規模最大之一，也象徵著國際品牌在中國市場的策略轉型與資本運作方式。

此次交易最初吸引數十家投資者和企業的興趣，包括高瓴資本、貝恩資本、KKR、騰訊、華潤、美團等知名機構，皆曾出現在潛在買家名單中。然而，經過多輪篩選與盡職調查，最終入圍決賽的僅剩博裕資本、凱雷集團、殷拓集團（EQT）以及紅杉中國這四家頂級私募基金。值得注意的是，市場此前傳言的產業資本（如騰訊、京東等）未能進入最終決賽圈，而春華資本則可能以聯合競標的形式參與交易。最終競爭者全是PE機構，顯示本輪交易對資本運作和財務回報的重視程度極高。

在交易架構上，星巴克並不打算完全剝離中國業務。根據公司董事長兼CEO倪睿安在2025年第三季度財報電話會議的說法，星巴克將保留約30%的中國業務股權，其餘70%股權將分配給多家買方，每家持股不超過30%。這樣的安排使星巴克在套現部分資產的同時，仍保有對品牌和中國市場的控制權，也為未來靈活調整股權結構提供了空間。

在估值層面，多數競標者將星巴克中國的價值按照2025年預期EBITDA（約4億至5億美元）計算，報價大約是EBITDA的10倍左右。但至少有一位競標者的出價接近EBITDA的20倍，反映投資者對中國咖啡市場潛力及星巴克品牌價值的高度看好與激烈競爭。

這起交易不僅涉及資本角逐，也將影響中國咖啡市場格局。最終結果預計將在2025年10月底前揭曉，無論最終買家為誰，此次交易都將成為中國市場乃至全球消費品領域的重要里程碑，揭示國際品牌在中國市場策略調整的最新動態。

Recently, the sale of Starbucks’ China business has become a major focus in the market, representing a high-stakes drama of capital maneuvering and strategic positioning. Valued at approximately $5 billion, this deal ranks among the largest divestitures of global consumer companies in China in recent years, highlighting both the financial significance and the strategic adjustments international brands are making in the Chinese market.

Initially, the sale attracted dozens of investors and companies, including Hillhouse Capital, Bain Capital, KKR, Tencent, China Resources, and Meituan. However, after multiple rounds of screening and due diligence, the final four contenders were narrowed down to Boyu Capital, The Carlyle Group, EQT, and Sequoia China, all top-tier private equity funds. Notably, industry capital players like Tencent and JD.com, previously rumored to be in contention, did not make it to the final round, while Primavera Capital may participate through a joint bid. The fact that all final contenders are private equity firms underscores the deal’s emphasis on capital efficiency and financial return.

In terms of deal structure, Starbucks does not intend to fully divest its China business. According to CEO Lior Ron during the Q3 2025 earnings call, Starbucks plans to retain roughly 30% of its China operations, while the remaining 70% would be distributed among multiple buyers, with no single entity holding more than 30%. This structure allows Starbucks to liquidate part of its assets while retaining control over its brand and operations in China, offering flexibility for future adjustments in ownership.

Regarding valuation, most bidders have priced Starbucks China at around ten times the projected 2025 EBITDA of $400–500 million. At least one bidder reportedly offered close to twenty times EBITDA, reflecting strong investor confidence in both the growth potential of China’s coffee market and the value of the Starbucks brand.

This transaction not only involves intense capital competition but also carries the potential to reshape the Chinese coffee market. The final outcome is expected by the end of October 2025. Regardless of which bidder succeeds, the deal will mark a significant milestone for the Chinese market and the global consumer sector, illustrating the latest strategic shifts of international brands in China.