There needs to be more skepticism about the infant formula market. There is no fundamental, durable, competitive advantage that any of these companies claim to have. In the grey market, traders are increasingly moving to other brands such as 'aptamil' and 'karicare' within the span of six months. The large influx of capital in the industry within a short period of time poses a threat to investors. Paying up for growth in this market sounds good until companies fall short of their growth target due to the constant change in chinese consumer behaviour.