Tencent, Hillhouse on Shortlist for Starbucks China Investment

Starbucks Corp. has shortlisted about a dozen parties including private equity firms and technology companies into the second round of a process to invest in its China business, people familiar with the situation said.

Boyu Capital, Carlyle Group Inc., EQT AB, FountainVest Partners, KKR & Co., Hillhouse Investment and Primavera Capital are among the private equity firms invited to participate, along with tech giants JD.com Inc. and Tencent Holdings Ltd., the people said, asking not to be identified discussing private information.

The shortlisted firms will be given access to the coffee chain’s China financials ...