Starbucks’s China business has drawn nearly 30 non-binding bids from domestic and international private equity firms, with valuations ranging from $5 billion to $10 billion. Final offers are expected to approach the upper end of that range. Given that Starbucks’ global market capitalization stands at around $108 billion and China contributes over 8% of its total revenue, analysts estimate the unit’s fair value to be approximately $9 billion. Starbucks is currently reviewing proposals, which include bid amounts, deal structures, and post-sale value creation plans, before selecting potential buyers. The shortlist could be finalized within two months, although the entire transaction is unlikely to close before the end of the year.