Would it be reasonable to suggest that Mr Ko being based in HK...

Would it be reasonable to suggest that Mr Ko being based in HK and with a pandemic limiting travel would be concentrating on getting his largest market kickstarted.
Distribution to other countries would follow once the Chinese market got underway. I can see much of a market in Timor Leste
The lack of 2-3m in the kitty should be a reasonably good indicator that this approval has not been forthcoming so far.

This leaves us in the situation where if there is approval granted there might very well be a large surprise in the 4c during which it occurs.

Another factor is that we weren't privy to the entire document signed with Mr Ko.
It may have contained a "subject to Chinese Product approval" clause of some sort.
Perhaps the changes made by China to their requirements made the deal null and void.
Personally I think it is still valid and Mr Ko is being cut a bit of slack because of the situation.

As an aside: the new Let There Be Hair product seems to be very effective in the vitality department. Have a lot more energy and sleeping better.
My wife informs me that after a couple of weeks she can see the flyover country on top of my head starting to fill in a bit.
Very relaxing as well.