What they have done so far is determine the asset value and divide the pie amongst the owners. Triway earnings and auditing could be a different ballgame. Then there is internal controls and complying with HK exchange rules before they can even apply for a listing. A lot of work to be done. In the meantime they have to succeed with the pre-IPO and raise some cash.
The carve-out was a lot of work as well. Because every partner has to agree with the terms. You have the appraisal etc.
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