Episode Details

Starbucks Coffee Co announced on Tuesday that it has sold a majority stake in its China business to Boyu Capital, a leading Chinese investment firm, forming a joint venture that will operate Starbucks' retail operations in the country. The move marks a major step in the coffee chain's next phase of growth in its fastest-expanding market.

 周二，星巴克咖啡公司宣布，已将其中国业务的大部分股权出售给中国领先投资机构博裕资本，双方将成立一家合资企业，运营星巴克在中国的零售业务。此举标志着这家咖啡连锁企业在其增长最快的市场中，迈出了下一阶段发展的重要一步。

Under the agreement, Boyu Capital will acquire up to a 60 percent stake in Starbucks' China retail operations based on a cash-free, debt-free enterprise value of about $4 billion, while the US coffee chain will retain a 40 percent stake. Starbucks will continue to own and license its brand and intellectual property to the new entity.Starbucks estimates the total value of its China retail business will exceed $13 billion, reflecting proceeds from the stake sale, the retained equity interest and the net present value of ongoing licensing payments over the next decade or longer.

根据协议，以约40亿美元的无现金、无债务企业估值计算，博裕资本将收购星巴克中国零售业务高达60%的股权，而这家美国咖啡连锁企业将保留40%的股权。星巴克将继续拥有其品牌及知识产权，并将其授权给新成立的实体使用。星巴克估计，其中国零售业务的总价值将超过130亿美元，这一估值涵盖了股权出售所得、持有的股权价值，以及未来十年或更长时间内持续授权费用的净现值。

The JV, headquartered in Shanghai, underscores Starbucks' long-term confidence in the Chinese market, where it has operated for more than 26 years and currently runs about 8,000 stores.

这家总部位于上海的合资企业，凸显了星巴克对中国市场的长期信心。星巴克已在中国运营超过26年，目前在中国拥有约8000家门店。

The company said the partnership aims to expand that footprint to as many as 20,000 locations over time, tapping into demand from smaller cities and emerging regions.

星巴克表示，该合作旨在逐步将其在中国的门店数量扩大至2万家，以挖掘三四线城市及新兴地区的市场需求。

"Boyu's deep local knowledge and expertise will help accelerate our growth in China, especially as we expand into smaller cities and new regions," said Brian Niccol, chairman and CEO of Starbucks Coffee Co.

星巴克董事长兼首席执行官布莱恩・尼科尔表示：“博裕资本深厚的本土经验与专业知识，将助力我们加快在中国的增长步伐，尤其是在我们向中小城市及新区域扩张的过程中。”

According to consultancy Euromonitor International, China's specialty coffee and tea shop market reached 132.5 billion yuan ($18.6 billion) in 2024 and is forecast to rise