Starbucks Denies Plans of Full China Sale as Business Stalls

Starbucks Corp. said it’s not currently considering a full sale of its China business, disputing a report from Caixin Global that had sent the shares higher in late trading, as the coffee giant battles cheaper local rivals in its second-biggest market.

“We have a world-class team in China, and a strong brand,” the company said in a statement. “We see significant long-term potential in the market and are evaluating the best ways to capture the future growth opportunities.”