Not much of a surprise to me. Triway has to be able to operate independently from SIAF. Which is why you are seeing such a high license fee per unit. IMO.
As for the carve-out or spin-off, it will probably take a few more months at least to complete the paperwork. Not a suprise there either.
I don't know when it will get interesting. Even if they do the spin-off, a lot of the value will stay in SIAF, assuming the valuation of Triway will be reflected in SIAF following the HK listing.
First we have to get to the Chinese new year. Then the FY report. Then the Q1 report which should be good. Somewhere along the line they may get some pre-IPO money.
Which is why I said I will increase my position gradually. Because I don't know. It's even harder to predict when the stock will go up.
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