Hillhouse Capital

Hillhouse Capital is reportedly leading a potential acquisition of Starbucks China, with a management roadshow recently completed. Goldman Sachs values the business at $5-6 billion. The deal follows prior reports of Starbucks seeking strategic investors. Starbucks China generated $3 billion in revenue in 2024, but profit and growth slowed. The acquisition is driven by competition from domestic brands like Luckin Coffee, prompting Starbucks to expand into lower-tier cities and rural markets.