Update- China new child policy wont help at all, page-29

"1. A2 already start to sell its production in China through different channels, since years ago, however without Daigou, the outcomes are under expectation. While BUB is not known by China market now, there may have space to play."

Except BUB is not new, they have been around long enough that they should have gained traction by now. The reality is that they haven't even gained much sales traction yet here in Australia, let alone China, even when the daigou trade was at its height. Even with the initial sales bump that came when COVID first hit, they only did $29M in total revenue across all channels and regions.

Between HY20 and HY21 (when the impact of Covid became apparent on both companies) A2M total revenue fell 16% whereas BUB's revenue fell 23%. So even on that front it's a bit hard to argue that BUB is less reliant on daigou or China for that matter.

"2. Revenue $677/ cap $4.2b compare revenue $20m/ cap $230m, not much different."

That's not the best metric to compare on, but even if you run with that, A2M market cap is 6 times its HY21 revenue, whereas BUB's cap is 11 times its HY21 revenue.

"3. The background of BUB, much close relationship with JD."

You keep saying this but BUB only signed a supply agreement with JD in 2019. A2M did so in 2015 and then upgraded it in 2019 to cover more products, marketing and improved logistics chain coordination. From what I can see Bubs listings on JD have relatively very few purchases/reviews by comparison. So I'm not sure in what way you mean the relationship is "closer"