Sino Agro Food Inc (fka SIAF)

[RealDutch]

Assuming that they SIAF isn't deliberately lying in the balance sheet regarding inventories, deposits etc

Well, they sure would have been exposed during the carve-out because a lot of those assets have already morphed into something else.

In Norway you have to book the lowest of the cost producing and the market value, not sure how it is for SIAFs case)

I think land has to be booked at cost. What you pay for it. And then there is depreciation on that. So if the partners received the land for free then they probably can't book it.

But there is land use rights and then there is management rights. The difference is whether you get it from the government or from local cooperatives. In some cases you may be able to revalue it.

SIAF doesn't own a lot of land. Not at SJAP, as it was granted (for use). They own land at HSA. Something like $40M. I don't know the exact figure. And this is the problematic part. Because SIAF (I think MEIJI owns it) is not allowed to own it as a foreign entity according to Chinese law. And if you ask me why they don't simply transfer it to s Chinese subsidiary then the answer might be, for tax reasons.
This was disclosed before listing on Merkur. And ever since in the SEC filings. Anyway, who cares about HSA.

The other thing is depreciation. They keep constructing and constructing at the fish farms. So there is no depreciation until it's completed. But they are simply following accounting rules here.

For 2016 this totalled 279MUSD

But that is the consolidated number. Asif we own 100% of SJAP etc. It is actually less. You have to look further down.

Total stockholders' equity 715,894,257
Total Sino Agro Food, Inc. and subsidiaries stockholders' equity 614,434,197

So the $614M is what you have to use. And that reflects far less than the 279M figure.

Why even bother assuming it might be floated? You can see all the buildings on the satellite images in my stickie

Ah, so regarding delisting you were referring to being removed from the stock exchanges by the stock exchanges?

That's what delisting means. Delisted to OTC. Where we are now.