A2M likely takeover target of Chinese company, page-11

The point is that A2 can have all kinds of accreditation and licences for the Chinese market, but there is no rule of law in China. A license in a country with rule of law means you can take regulators to court to challenge decisions etc. Governments in these countries are also concerned with Soveriegn risk detering other investment. There is no such concern in China, and zero recourse. This is the fundemental flaw underpinning A2's business. If it had a big foothold in a large market with rule of law, or at least better rule of law than China, say India or Brazil etc, it would be far more valuable.