QDawg...just a thought or two on that:
*To your; "As I understand it, no American corporation can manufacture in China without a [significant] Chinese interest in the company.".....my understanding is the same as yours.
*To your; "If it happens on Chinese soil, well, the Chinese courts have a long history of siding with the thief." [as opposed to recourse in the US judicial system].....Sounds good on paper, but the reality is often much different...I would point to how, not one of the American Bankster's was held to account for the biggest financial fraud in world history.
*To your; "it's 50% of the profits from QMA.".....50% of something is better than a 100% of nothing & in respect to having a reactor in China, having manufacturing facilities near the OEM's (as-is common for tech suppliers worldwide) has been Steves' plan as far back as I can remember. Sure, piracy is a concern, but I'd reckon & hope that aspect has been well-considered, with precautions put into place. Yet, just like investing in this stock...there are no sure-things in life....except death, taxes & maybe a laugh or two along the way. JMO ;)