The China divestiture transforms Starbucks' capital intensity profile, converting a capital-heavy, operationally volatile market into a royalty-bearing asset that improves consolidated margins and frees capital for shareholder returns without surrendering brand control or long-term upside.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s