Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

I don’t like their products at all , I also suggest the company to just produce contract manufactured A2 formula for other dairy companies. However it’s just my opinion. In the past I did see and involved in many Aussie infant formula Marketing and failing in China including sigma’s products. Imv Yiqing can do nothing in this business , but if Yiqing talked to Mengniu, could be a different story. The two companies all located in Beijing and all are state owned, very easy to have business discussion. All I can know till now is Mengniu already noticed AHF.

it’s very difficult to promote a new brand infant formula, even for the A2, my friend’s company lost more than $6m when they were sole distributor of A2 formula in China, but after they lost the money and distributionship things totally changed.

only one positive point in my eyes is there has been very few new foreign brand infant formula entered China’s market for many years. If AHF’s products can formally registered with Chinese custom, maybe it will attract some large distributors .

i don’t think its products can be popular in China, however even if there is 1% chance left, SP 50 baggers in future is not bullshit. All in all current SP 1.6-1.8c is fair enough for me.

AHF now could be the cheapest Infant formula producer in this world. MC just 1/3 of net tangible asset LOL