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Starbucks (NASDAQ:SBUX) has denied it is considering a full sale of its China business, pushing back against a report from Caixin Global that had boosted its shares in late trading.
“I can confirm Starbucks is not currently considering a full sale of its China operations,” a company spokesperson told Reuters.
The U.S. café chain is currently facing intensified competition from lower-priced local rivals in its second-largest market.
Earlier this month, Starbucks (NASDAQ:SBUX) launched its first-ever price drop in China, lowering the price of some non-coffee iced drinks by an average of 5 yuan.
Reuters reported in February, KKR & Co (NYSE:KKR), Fountainvest Partners and PAG are among buyout firms interested in acquiring a stake in Starbucks’ China business.
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