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Nikkei Asia

Starbucks courts buyers as it weighs sale of China business

Caixin Hillhouse Capital, FountainVest and Trustar Capital among potential suitors Starbucks is struggling to maintain its share in China's highly competitive coffee market, having been overtaken by local upstart Cotti Coffee and market leader Luckin Coffee. FENG YIMING, QU YUNXU and HAN WEI, Caixin Starbucks is considering selling its China operations, signaling a strategic shift as the American coffee giant grapples with declining market share and mounting pressure from low-cost domestic rivals. According to people familiar with the matter, the Seattle-based company has recently held preliminary talks with more than a dozen potential acquirers, including private equity firms Hillhouse Capital Group, FountainVest Partners Co. Ltd. and Trustar Capital.