I still think they moved the bulk of the cash (perhaps as much as $400M) to Equity Art Corp.
You usually don't do a spin off unless the entity can survive by itself (without needing any cash). And I don't see them filing an S-1 and raising money either.
I can bring this up one more time, the projections from the appraisal firm. Over a Billion dollars in cash should be generated by the plantations by now.
$270M is on the balance sheet. Another $130M (RMB 925M) was invested in Equity Art. Which leaves $600M.
$600M is hidden somewhere. On average. It could be $400M or it could be $800M. Which basically means that the spin-off should be worth $5.
What happened here in 2018 isn't just that HERB invested RMB 925M. That's just one part of it IMO. Perhaps they acquired the museums here. The museums themselves could easily be worth 100's of MUSD.