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      "text": "While competition in China has recently intensified, we believe that Starbucks has a defensible moat underpinned by several key advantages",
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      "text": "Global brand operating in China for nearly 20 years; Scale and industry leadership position; Vertical integration ensures quality control and supplier availability; First-mover advantage in most desirable real estate locations; Profitable operating model with no need for venture funding to fund growth; Excellent operational and management skills",
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