China Unlimited

[RealDutch]

That is the good thing about HERB compared to SIAF. It's all free cash flow.

For SIAF, the partners are selling 30% for $150M, pre-IPO. But Triway needs that money to grow. So the partners can't get paid. So Triway will book $150M debt owed to the partners instead. The partners get paid after the IPO. Nothing changes for SIAF as they will keep 36.6% during pre-IPO.

Same applies to SIAF. Triway owes SIAF $55.1M. As of this moment.
Right now it's all about injecting liquidity into Triway. They already got some from SIAF. Roughly $25M that SIAF deposited in recent years. And the $20M that SIAF advanced to the contractor. Plus the $36M bank loan. Payday will come later, after the IPO.