I reckon Lightforce it will be quite positive for A2M if they...

I reckon Lightforce it will be quite positive for A2M if they indeed come through it unscathed. A recognition of quality by the Chinese govt would be in kind a sort of endorsement in itself. The risks though, in my humble opinion are twofold;

It is in part the Chinese intention, just as it was during stage 1 of the regulatory changes, to rationalise or reduce the number of brands.

Any such market interventionism will carry at least some degree of risk for each of the infant formula suppliers esp the ones with a presently low market share, like A2M who have just entered the market, it may be easier for the officials to ‘consolidate’ the little fish.

A2M have a good reputation though and can do more in prep in the meantime by buying their way into the ‘Synlait Sure’, quality mark, something that presently seems reserved only for Synlait's JV partners, New Hope and Noritz. A2M may need to commercially incentivise this.

Secondly, markets just don’t like any form regulatory risk and interventionism,

Have a look at the NZX chart for A2M, that big 2014 correction was catalysed by the onset of the stage 1 regulatory risk, and although totally irrational at the time, it’s entirely possible that the market might be entirely irrational this time too, I hope not, seems impossible to determine though going into it, don't you think ?