No CFDA/SAMR, no Chinese market share. That's the fate for all infant formula companies.
If BAL were lodging their CFDA application earlier, their share price would be in a much higher level.
For WHA & BUB, both are in the similar category, speculative early stage players.
BUB, has its own merits, more revenue, and especially acquiring recognised brand, CapriLac adult goat milk powder, but it's targeting a nitche market - goat infant formula (about 10% of the total infant formula size), and late to lodge SAMR/CFDA application.
To sell into Chinese market, it's not just via Daigou, there are different options, distribution agreements and marketing probably are two keys to be successful, imo.
whats going on, page-38
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