"- High number of substitute products (theres a daigou shop on...

"- High number of substitute products (theres a daigou shop on every corner of every capital city)
- High levels of competition (see above - literally hundreds of other daigou shops)

Haven't read their latest report, but I am assuming they still haven't posted a profit and are likely still bleeding cash?"

Care to list some of the hundreds of other daigou shops you know in HC?
Why don't you read their latest report before making uninformed comments here.