I might be to traditional im my valuations, but for me this company with current earnings should normally be traded at 70% of PB. Then give it 20% off for beeing China, additional 30% for bad mgmt decisions and 10% for the "fraud" risk. I still end up with 35% PB, not 15% or 5%. With more healty levels of earnings and remove above discounts this company should be at least traded along with their assets. No?