High Risk Warning, page-28

I have said enough. It is now up to you to do as you please with the risks in mind:
a below than expected FY19 result;
Increasing regulation in China – business licensing requirements for both international and Chinese sellers on CBEC platforms (i.e. Wechat, Tmall etc.), tighter tax reporting and products must have CFDA (now SAMR - State Administration for Market Regulation) approval with Chinese labels. Although A2M has multiple channels to market, the bulk of its infant milk formula (IMF) revenue is generated in Australia (which we estimate at ~70% of total group IMF revenue and printed with English labels) - "daigous" (personal overseas shoppers) who are under greater scrutiny to pay tax.
recent takeover of competitor BAL may increase the competitive pressures on A2M as Mengniu is a preeminent Chinese dairy company with strong growth ambitions for BAL.
decreasing ROE in FY20 and FY21 denotes this trend.
Increase in short-sellers
Uncertainty relating to the recent launch of Nestle's own branded A2 infant formula, called NAN A2, in Australia and New Zealand. This comes on the back of its launch into China in February 2018.

The party finished long time ago. If you bought below $1 and held you are drunk and happy. If you bought over $12 you are nervous as hell. If you bought at $18 bye bye charlie