Almost 30 domestic and foreign private equity firms in China have submitted non-binding offers, the sources said, adding that proposals on the table value the business between $5 billion and $10 billion, with bidding expected to settle toward the higher end of that range.

As Starbucks’ market cap hovers around $108 billion with its China business generating over 8% of global revenue, a fair valuation would stand at around $9 billion, according to one person familiar with the matter.