China regulatory change is still a concern unfortunately. I think company get confused as well.
China infant formula regulatory environment • Monitoring of the regulatory environment in China for further changes and clarification remains an ongoing focus for the Company.
Especially the wording about English label product 'Detailed implementation plans to follow'.This is in line with Citi's latest comment that IF may not be classified as PE goods via E-commerce platform.
I feel sorry for Chinese Governments' inconsistency.
Ann: Investor presentation, page-5
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