Starbucks Corp. has asked a shortlist of investors to submit non-binding offers for a stake in its China business within the next two weeks, according to people familiar with the process. The Seattle-based coffee chain has invited Primavera Capital, Carlyle Group, Hillhouse Investment and EQT to attend management presentations that will outline the unit’s financial and operating details. Other parties, including KKR, Bain Capital and Chinese technology giant Tencent, may also table proposals, the sources said. Starbucks began circulating information to as many as 10 interested parties in July after they signed confidentiality agreements. While the size and structure of any deal have yet to be finalised, the company is aiming to reach a definitive agreement before the end of 2025 as it seeks to revive a business whose market share has dropped to less than half of its level five years ago.