You're missing the point (or wilfully avoiding it).Mutree is...

You're missing the point (or wilfully avoiding it).

Mutree is Zhang. It's not a partnership. It's AHF consigning inventory to itself and calling it a 'deal'.

There is a good chance that the inventory doesn't actually get sold, based on Zhang's failures at A2M in 2020 and BUB more recently.

His BUB failure was not "regulatory changes and attempting to flood his distribution network with five years’ worth of inventory at once".

He had a product (Bubs Supreme) tailor made for him to sell. It was an A2 product meant to replace A2 Platinum which he had previously distributed. It was created with advice from Peter Nathan. His AZ Global chose to take on the amounts of inventory they did in order to receive huge consignment bonuses in the form of equity in the company. The regulatory context in which daigou operate was already known to be challenging since COVID and Zhang especially would have known this given his prior failure at A2M. In short, there are no excuses he or you can give to shift responsibility for his failure.

In short, the incredible 20,000 strong network and amazing track record is obviously rubbish and more a case of trying to trade on influence and reach he no longer has.

The IF market is radically different post COVID and the daigou boom in which Zhang operated prior to that is over. His failure at A2M in 2020 and BUB following that made this abundantly clear.