I agree that downgrades usually come in 3's. However I dont personally see this with A2. Often downgrades in 3's come from companies in decline, where as the first ever downgrade from A2 was due to a global pandemic directly affecting a sales channel (retail daigou) for a product which is still very much in demand.
The fact that sales revenue in China has increased 77% in July and August is evidence of this demand. Coupled with 11/11, Id be very surprised to see another downgrade.
Clearly the push is on with A2, and perhaps has been for quite some time as they have been transitioning from retail daigou to corporate daigou, and rapidly expanding their retail store presence in China.
I still believe any company which is 87% out of the hands of retail investors and without any news of sell downs by institutions, has good prospects.