Dilution has no end in sight. ABQQ has preferred shares that convert into hundreds of millions of shares. And, ABQQ has already shown it's hand. Why increase the AS to 10 billion if they intend to slow down the dilution? Of course they don't. Because they don't make any money from operations.
As you said, the industry is very competitive. If ABQQ were such a great investment, a large, well funded company would acquire them. It is much more cost effective for a competitor to start from ground zero than acquire ABQQ.
BTW, great post.