The best scenario is a spin-off in Shanghai. Suppose they raise $800M and transfer half of that to the parent (the Government always needs money). That would give us a 400/157 = $2.55 dividend to begin with. It's also the most likely scenario :-) That would set us up for life.
Actually the share count is 235M if they spin off one third for $800M. 400/235 = 1.70/share dividend. With $500M+ cash in the bank and a 66% stake remaining.
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