According to informed sources, Boyu Capital is exploring the possibility of bringing in Tencent Holdings, Singapore's sovereign wealth fund GIC, and other potential investors as limited partners to jointly acquire a stake in Starbucks' China operations.

The private equity firm has already agreed to purchase up to 60% of Starbucks' China business. Sources indicate that Boyu aims to drive growth in Starbucks' second-largest market by expanding its presence in smaller Chinese cities. The firm also plans to open more outlets in high-traffic locations such as tourist attractions, subway stations, and airports.

Negotiations are still ongoing, and a final agreement may not be reached, the sources added.