Leon
The fact remains that China has insufficient dairy supply to meet its own demand, and rely heavily on foreign imports similarly as they do for various resources. And in the case of IF, Chinese parents also want the best.
Xi can dial up the nationalism as much as he wants, but only so long as typical Chinese consumers can keep getting the brands they want. China is not Russia, the capitalistic/consumer culture genie is well and truly out of the bottle.
Ann: Share buyback to commence 5 October - 1Q23 Trading update, page-87
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