re: "With thousands of world class companies traded at attractive valuations, why should I buy a fraud , a potential fraud or a company with complex,difficult-to-understand structures?"
You don't have to. Nobody ever made you click "buy" on any China stock. They're not for everyone.
But some here, (myself included if I can be so bold to say it), have made a great deal of money investing in and/or trading these stocks over the years- in both long and short positions.
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