Ann: Becoming a substantial holder, page-21

Nathan made a hell of an impact at A2M. And not the good kind.

He was responsible for the inventory management issues that lead to a massive oversupply and massive inventory write-downs. Clearly he was very enamoured with AZ Global even after COVID had begun to hit as he oversaw the failed strategy of trying to turn things around by subsidizing and incentivising corporate daigou. He is also the main A2 exec who dumped the majority of his holdings before the company began downgrading (part of the reason the company still faces multiple class actions). More generally, he was mediocre in terms of overseeing any real innovation etc. simply because he must have thought he could rely on daigou to do his job for him indefinitely.

And now he resurfaces again - surprise, surprise, with AZ Global. You scratch my back, I'll scratch yours, as they say. Sounds like with Carr and Lin they are all as bad as each other.

I have no stake in BUB, but I'm in a minority who think there are a few positives salvageable out of this company and its current situation. It's brand recognition, manufacturing capability, first mover advantage in USA etc. However, I think the value of these are rapidly depleting. Looks like BUB sales are tanking further in China, based on the early sales ranking from 618. And not sure how profitable USA will turn out as tariffs are reimposed. I frankly don't see many advantages of BUB over A2M and even less of a chance with PN at the helm.