Typically it's the investment bank(s), promoters, consultants, attorney's etc.. that work to put these deals together. In other words they put the vehicle together then travel to China to find someone to put in it so they can cash out. The valuations are ridiculous because these people intend to make a killing and move on to the next one. Many of these guys like Roth, Rodam, Ageis etc.. are just Cornell Capital or Ribtosky in a nicer suit with smarter lawyers.
I think many people think these China companies are the ones saying "take me public", however I would bet most of them are deals pushed from the domestic side.
It's a game.. the game is rigged. This is American Capitalism. Remeber China is a hot selling point which makes it ripe for fraud. Don't think for one minute that many of these Companies proven frauds were not planned and executed domestically at the expense of the China business by the domestic players.
People need to do as much DD on the people backing these Companies as they do the Companies themselves.
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