Restaurant Brands International (RBI), the owner of Burger King, has shortlisted Chinese private equity firms CPE and Hony Special Growth (HSG) as leading contenders for a controlling stake in its China business, according to a Bloomberg report.

The process, which could conclude as soon as this month, may see RBI announce a deal alongside its next earnings release. Sources cautioned that discussions remain ongoing and a transaction is not yet guaranteed.

The shortlist follows RBI’s move earlier this year to take full control of Burger King China, buying out its joint venture partner for approximately $151m and assuming about $178m of debt. The Toronto-based group said it was seeking a new controlling shareholder that shared its long-term approach of partnering with local operators while retaining a primarily franchised business model.

Burger King operates around 1,500 restaurants across China, with $58m in cash and equivalents and $150m in debt as of 30 June.

If successful, the deal would mark one of the most significant private equity-led acquisitions in China’s quick-service restaurant sector this year. Both CPE and HSG have deep operational expertise and local market presence, with recent investments spanning consumer, healthcare, and technology.

The move mirrors a broader trend of Western consumer brands, including Starbucks, bringing in regional investors to adapt to shifting consumer demand and intensifying competition in the Chinese market.

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