Yes I agree, there is a lot to not like about WHA from a...

Yes I agree, there is a lot to not like about WHA from a governance perspective including the lightweight board composition, structure and make-up including the new addition of equally light board skills, the lack of an independent non-executive chair and having one of the founders as an Executive Chair on a pretty penny, a single Corporate Governance document that appears to have not been update since 2016 and that's for starters. To be fair all of that can wait but will need to be addressed at some point in the near future (i.e. inside 3 years).

However for a tiny fresh new start-up they have the energy and the flare and it appears the backing from Hong Kong to give it a good go and they are using a clever strategy to get started.

As for the international markets they are chasing...South East Asia is interesting, China is scary by nature of the sheer order of magnitude and India is ho-hum given the low economic value but its agreement is small and really a beach-head to test the opportunity and Australia is heavily commoditised in the off-the-shelf infant and pubescent powders segment. So where to then if these markets are so well satisfied to the point of possible saturation or they are impossible to actually address without the claimed substantial brand awareness and brand loyalty in their home country I see put forward as arguments in here. Here is my response - these geographic markets often referred to are for consumer products and I don't think WHA has a single focus on the consumer market, I suspect they are seeking supply chain control at the wholesale level for some key product lines including organic milk powders.

As for their vertical integration, they are partial and to be brutally clear, they are very partial at best with some financial and contractual positions in various elements in a value chain. This is a long way short of vertical integration but that has never stopped marketing or product ambassadors (volunteer groupies or social media butterflies) trotting out buzzwords to trigger emotive responses for their products or brands.

Having said that I have a soft spot for WHA as I think they have, for the most part, got it right...even though it will be a lumpy ride for 12 - 36 months for the market cap and there is quite some weight laden on them getting SAMR approval from China in the next 6 months for either their normal cows milk or organic cows milk powders products including the conditional contract.

They may well need to sort out their marketing but it isn't issue number one for them right now.

The share price is under the placement price of $1.25 not long ago but somewhere between $1.00 and $1.25 is my revised opinion of where it will sit until some compelling news breaks and this share price range may well get tested on the back of the soon-to-be-announced quarterly cash-flow statement but that is a very short term view and WHA isn't playing the short term game.

Now watch the market make a complete and utter mockery of the above personal observations...