Starbucks Corp. said it will sell control of its China business to Chinese private equity firm Boyu Capital, in a deal valued at $4 billion.

Under the agreement, the China operations will be run through a newly formed joint venture, with Boyu holding 60% and Starbucks retaining 40%, continuing to manage brand licensing. Shares of Starbucks rose as much as 0.5% in after-hours trading to $81.40.

The transaction transfers operational control of Starbucks’ China stores to local investors, while Starbucks keeps ownership of its brand and intellectual property. The company estimates the total China business is worth over $13 billion, and the $4 billion sale reflects strong investor confidence in the country’s growing coffee market.