Mark; It's healthy to be a bit sceptic, but let's have a look at the FACTS, shall we?
SIAF owns 36.6% of TRW (it's official, check HK). We also have a decent "paid in capital" for TRW. Of course, one should not accept "paid in capital" without some sort of DD, but we do have a valuation done by D&B (for ABC, not TRW!).
Now, if you want to claim that SIAF is worthless then you at least have to address these facts.