BUB vs WHA, page-209

It's hard to shift cow to goat, although I believe goat formulas will be increasing substantially.
However, large existing infant formula companies have already poured into goat formulas as well, small brands like BUB will be hard to compete with them, imo.
WHA, could face with similar competion issue, but its vertical integration, especially strong support from Mason which owns 55% of Aiyingdao, will make huge difference, although we have to wait and see if sales figures would be realised dramatically. That's the key risk, imo.
WHA, CFDA approval, shouldn't be any issue, imo.