Well remember that this company didn't IPO or anything, so they will be looking for dilutive equity financing; all companies go public to raise money. It's true that the inherent value won't change, but companies don't trade on inherent value during the short term, they trade on emotion. The terms of this upcoming RS will probably be a harbinger to their future attitude toward shareholders when constructing the terms of financing deals.
I agree with your sentiment...There are rapidly growing, more respectable companies right now at low P/E's like this one, that also pay a 10% yield. No need to park money here given the opportunities elsewhere. I even have my doubts I'll buy back in, but we'll see what happens. China RM's -uplisted ones- left a bad taste in my mouth for foreign RM's. They really went on a share-printing spree and never pay a divi or do anything the shareholder-friendly way.