00:00American coffee giant Starbucks has signed a 4 billion U.S. dollar deal to sell a majority
00:06stake in its Chinese operations.
00:08Starbucks will create a joint venture with Hong Kong equity firm Boyu Capital.
00:13Boyu will hold a 60 percent stake, while Starbucks will hold 40 percent and continue to own the
00:19brand.
00:20The Seattle-based coffee chain opened its first Chinese store in 1999, and it now operates
00:26nearly 8,000 locations in the country, but it has seen its market share fall sharply
00:31against domestic competitors.
00:33Starbucks retreat comes amid an economic slowdown in China and ongoing political and trade tensions
00:39between Beijing and Washington.
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