Ann: September Quarterly Report & Appendix 4C, page-22

You probably need to look at who owns the JV, 60% owner is a Hong Kong operation. Secondly I am not sure what "milk formula manufacturers" means. They can get plenty of SMP, WMP or even AMF from most milk processors with drying capability if not already committed elsewhere or even the GDT if they so wish but value-added milk powder products are not so easy to secure in the current market.

I don't question how smart these chinese are, I merely test the company strategy, the business model and its robustness firstly and secondly its viability as an ASX listed entity.