Let's be simple. BUB, market cap $291m, net cash $38m, only...

Let's be simple.

BUB, market cap $291m, net cash $38m, only targets a niche market- goat infant formula & adult goat milk powder; owns 6000 goats (how many litres they can milk a year?), don't have any stake at a CNCA licensed infant formula manufacturer, hasn't lodged SAMR application yet.

WHA, market cap $271m, net cash $50m,
5% stake in Blend & Pack, a CNCA licensed infant formula manufacturer with annual capacity of 20m tins, secured two slots of three SAMR infant formula slots; lodged CFDA/SAMR application in November 2017, has passed SAMR technical evaluation, pending formal approval; signed distribution agreements with Chinese companies for $135m over 42 months, one Chinese State-owned large company in addition to Mason's Aiyingdao mum & baby 1,300 stores; CBDG JV, partnership with Mason, Blend & Pack founder, all these make WHA unique. Don't forget WHA is targeting cow infant formula, 10 times large than goat infant formula market; also WHA is developing goat infant formula and organic cow infant formula by 2019.