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Great, healthy debate from both sides, valid reasons help us understand the business better. good thing is we all agreed that Jat will grow, that's the most important part.

We know that Mr. Li's company Shengrun Group is a large real estate company. Real estate companies usually have high leverage, high loans from banks and interest payment, which means less cash in cash account. $1 billion assets should have over 50% liability and a big portion of long term illiquid investments. The fact that he invested $16 million cash shows he's eager to let the business grow, because it's the perfect time with tightened CFDA approval processes, less competition.

It's true that $16 million out of $1 is 1.6%, who's to say he won't put in more investments?
Mr. Li has been investing more in Australia, including cattle breed ($20 million). Cattle breeding could be a sort of upstream vertical integration so that they have their own source of raw milk production? We don't know for sure, but it could be related to JAT business.

He's likely to invest again if JAT is to acquire the rest 49% of Golden Koala.

WHA went from $0.2 to $2 in a year, A2M went from $2 to $12 in a year, of course A2M will keep growing as JAT grows, Jat possibly will never catch A2M level, but maybe in 5 years, A2M will be $30 and Jat will be $5, that's not bad at all.

If we get CFDA few months before BUB or WHA, it gives jat an advantage, share price wise it'll attract some investors from these two. But still it depends on how the business operate because BUB and WHA will eventually get CFDA as well.

If BUB and WHA get rejected, it's gonna be blue ocean for us, share price should rocket.

Some quick maths (correct me if i'm wrong): 400 stores in different cities with average of 1 million population on average, assume 10o family buys Golden Koala from each store, a baby needs 3-4 can per month, that's a total sale of 1-2 million cans per year, say $10 is profit out of $60 price, that would be $10-20 million profit from sales in store solely. This would probably happen after getting CFDA approval.

The fact that we'll most likely get CFDA early is a huge advantage, early birds catch the worms, JAT needs to capture as much market share as possible before more companies get CFDA.

Be patient. Let's watch the company grow like the happy babies who drinking Golden Koala

GLTA DYOR