Starbucks is close to selling a stake in its China business, with Boyu Capital, Carlyle, EQT and Sequoia China reportedly shortlisted. The deal, now in final negotiations, is expected to close by late October. CEO Brian Niccol has stressed the need for a local partner to support long-term growth, as Starbucks eyes up to 30,000 stores in China. It currently operates 7,828 locations, with Q2 revenue up 8% to $790 million. Reports suggest Starbucks may keep around 30% to retain control. Competition is intensifying: Luckin Coffee’s Q2 sales jumped 47% to 12.36 billion RMB ($1.73 billion), with over 26,000 stores, while Cotti Coffee has also surpassed 15,000 outlets.