According to foreign media reports, Hillhouse Investment has recently participated in a reverse management roadshow for Starbucks’ China operations, expressing interest in acquiring the business. Other investment firms, including Carlyle Group and Trustar Capital, were also reportedly involved in the process. Starbucks’ China unit is estimated to be valued between $5 billion and $6 billion (35.8 billion RMB to 43.0 billion RMB), with Goldman Sachs Group acting as the exclusive financial advisor. The deal is expected to extend into 2026. If completed, this would rank among the largest consumer-sector acquisitions in China in recent years.