Starbucks opened its 1.5 billion yuan ($209 million) Coffee Innovation Park in the city of Kunshan, neighbouring Shanghai, in 2023. The 80,000-square-metre roasting plant has the capacity to supply all of Starbucks China's stores. More than 20 institutions responded to Starbucks, including a number of private equity firms, one of the sources said. Starbucks is expected to shortlist buyers for next steps, two of them said. "The purpose was to let everyone tell their story freely and choose whatever the best prospect it is and proceed," one of them said. Reuters reported in February KKR & Co, Fountainvest Partners and PAG are among buyout firms interested in acquiring a stake in Starbucks' China business. The sale comes as Starbucks has lost market share to lower-priced Chinese rivals in recent years as consumers tighten their purse strings and ever-cheaper options from fast-growing rivals Luckin and Cotti made it more difficult to justify prices of around 30 yuan ($4.20) per cup of coffee.