Not sure what you mean Jay Lim. The actual investment banking/ corporate finance question of where you get the highest valuation Of SIAF as a whole or of the divested subsidiaries depend on a large amount of factors.
However, My guess is that with this fraud discount gone, HKEX and US listing might end up with the same valuation. Not very sure though.
Look at a comparable company Shandong Oriental Ocean Sci-Tech Co., It trades at a PE of 44
Lee has vision SIAF would trade at $44 end of year 2012 and $ 88 2013based on Shandong Inc. He plans on relocating 14 subsidiaries over the next 24 monthsl As always research your own DD