FY18 Guide & Annual Results, page-110

Bellamy’s (via its manufacturer Camperdown) submitted its application for its Chinese-label formula products with the State Administration for Market Regulation (SAMR, formerly CFDA) in late December 2017. This registration relates to its Chinese-label product sold exclusively in offline channels in China which contributed less than 6% of Bellamy’s sales in FY18.

I think the key here is the little reliance on direct China sales and how the company is modelling for a China offline channel. This is a lot less risky in my opinion.

I hold both A2M and BAL and like to see them both as giving my strong exposure to local markets as well as China markets.