Starbucks first arrived in China, the world’s second-largest economy, to exceptional fanfare in 1999. The brand, a symbol of U.S. influence in the country, rapidly grew to the point where a new store was opening a new store every 15 hours, according to CNBC.

After years of laying low, private equity firms are coming out of hibernation in China. This year started with a bang as Alibaba sold its shares in Sun Art Retail to DCP Capital, unloading a high-profile physical commerce asset at a discount to focus on its core online business.

Starbucks partners with Boyu Capital to regain momentum in China, selling a majority stake while aiming to expand its footprint amid growing competition.

Foreign companies can no longer rely on brand prestige alone in sectors in which Chinese rivals undercut prices