China CBEC rules extended!!!, page-5

Excerpt from overnight Maccas broker report:

Regulatory change key uncertainty: There remains some uncertainty around how regulatory changesin China play out with the market awaiting details of implementation. A2M’s view is clearly one ofcomfort in the changes, underpinned by key focus being tax and consumer production, market relianceon English label (~25-30% of IF consumption) and previous CFDA process having sufficient registrationperiod. Long term, increased oversight and registration requirements for products entering China viaCBEC or FTZ could see rationalisation brands, in a similar way the CFDA (now SAMR) requirementsdid this for China label. A2M has historically demonstrated agility in adjusting to new requirements.