NUMBER OF THE DAY
What Starbucks China is worth to the Final Four – Boyu Capital, Carlyle, EQT, and HongShan are vying for the troubled coffee chain.
☕ Final Four: Goldman Sachs wants a decision by end-October. The bidders are penciling in $400–500M EBITDA for 2025 and a 10x multiple — optimistic, given falling market share.
🏆 Experience counts: Carlyle already turned McDonald’s China into a success, HongShan (ex-Sequoia China) is on a buying spree, while Sweden’s EQT brings less China experience to the table.
Watch: After a year of speculation, the Starbucks China story is nearing its climax — but still “even once a final buyer is chosen, the story is unlikely to end.”
The China Survival Guide for Western Businesses
Entity setup, WeChat strategy, hiring your first local team. 12+ years on the ground in Shanghai.
