Respectable post, I can't say that i disagree with you at all.
The only thing that I would note is that off memory, BUBs isn't applying for an SAMR anymore because lets face it - with the current economic tensions between Aus/China, it would never get approved.
One thing that i found interesting, and its probably the reason for the termination of the BeingMate JV was that it seemed like the supply agreements that BUBs had with third parties (Alibaba, JD.com etc) were hindered by BeingMate? Luckily, they have re-instated the supply agreements under the new entity.
(20min delay)