I'm in favor of paying cash dividends, but only if they sell some of their stake into the HK market to pay for it. You need a lot of money to make a dent, and that's the way to do it. They could use the 13% for that (which they hold on top of the 18.3% in my example). So, starting in 2019, after the IPO. For now it's important to get the MF started as soon as possible.
Also keep in mind that China has strict capital controls in place now. It's very hard to get money out. Capital Award however, is not a Chinese entity. But they are not making as much money as they used to be. No more resale. The license fees for AF5 have already been paid for. So right now, I don't think that cash dividends or buybacks is an option. But with the spin-offs properly designed, we won't need it. For now.
