Starbucks Corp. is in the process of finding a new investor for its China business. Private equity firms like Boyu Capital and Carlyle Group, along with tech giants JD.com and Tencent, are among those shortlisted. Starbucks aims to expand its store count and improve brand strategies in China, where it has fallen behind local competitors like Luckin Coffee. CEO Brian Niccol is focused on the future success of the Starbucks brand in China, with plans to grow to 20,000 stores from 7,800. The search for a partner has attracted more than 20 potential investors, with Starbucks looking to retain a “meaningful” stake in the business. Talks are ongoing, and additional investors may join at a later stage.

Read more at Yahoo Finance: Starbucks Shortlists Dozen Firms Including Tencent for China Investment