Neither BAL, BUB nor WHA have CFDA. Everyone has to apply or...

Neither BAL, BUB nor WHA have CFDA.
Everyone has to apply or re-apply according to the recent change in Chinese legislation.
Golden Koala (JAT) has already held CFDA in the past, so can be assumed will be granted it again no problems. Company reckons by July. They certainly have the right people on board now with massive skin on the game, and with the right political and business influence which is a bonus in the Chinese system.
Golden Koala manufacturing plant already has CNCA approval.

JAT also has its own 100% owned brand of milk powder called "lone milk." They are finalising the manufacturer from 5 tenders which will have to apply for CFDA.

Meanwhile ,even before CFDA approval they can sell online into China (only need CFDA to sell in brick and mortar stores in China).
Hence the importance of the relationaships with Tmall, JD and Alibaba
Go look on their website and you'll see JD visited JAT !!! That will be their pathway to riches. 2cnd largest online B2B biz in China. Could be massive exposure indeed. I reckon they are better set up than the competition.
https://jatenergy.com/blog/
also have a read of the notice of meeting. Very interesting reading indeed.

They are new on the milk scene, so perhaps need to earn the trust of the market... so if they can deliver some news flow over coming weeks to prove that they can continue to build this story, then I think we can see a real re-rate to a SP closer to its peers (thats bags from here).