A2M 1.10% $5.40 the a2 milk company limited

Explain China new tax policy and formula registration with CFDA, page-62

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    JD.com and Tmall use the same channel,buying the stock outright and stored in free-trade zone.

    Alibaba(include Tmall,Taobao) and JD.com,these two company hold more than 80% e-commerce revenue in China.
    VIP.com only hold 3%-4%,too small.So there is no need to do research for VIP.com
 
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