—My understanding is that we still have some time (may infer few weeks or months) to have licencing deal in China and US considering market size. The presentation slide2 obviously mean that these deals takes time and both parties need to reach an agreement with informed decision. I will rather take today's slide as caution not to be panic if volatility is introduced to the market. They are working in the background but these licencing deal may take some time.
This is also an indication that there could be tree shaking happening now and then. I feel the SP will settle between 45—50C (or could go bit lower)
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