That email from Tony was more than a year old. It doesn't make sense for SIAF to construct dirty ponds when they can do 2nd gen RAS for low cost. CA doesn't get paid for it though. CA gets paid for 3G ODRAS though.
The ponds at AF4 were still traditional (dirty) ponds as of the update from Nov 29.
The picture becomes clearer why Solomon "transferred" cash to TRW in Q4.
1) the Shenwan 3G ODRAS project is an $8M project. 2) $5M for converting the ponds at AF4 to 2G ODRAS 3) AF3 still expanding 4) Boiler at AF4. They definitely need a water treatment system as well if they want to grow prawns. 5) stocking AF1 and possibly AF2 with Pearl Grouper. etc.
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