I would prefer to retain all of the subsidiaries and instead list Siaf in Hong Kong. If they maintain the subsidiaries they could continue to expand at a rapid pace and also start investing outside China. They should also raise the dividend to at least 30% of earnings in 2014. Sure, a P/E of 16 is good compared to today's valuation. But it is still a low valuation in terms of prospects for the subsidiary. I think the long term shareholder would benefit the most if they maintain all subsidiaries and instead sharply raise the dividend. I am convinced that the valuation would be higher if dividends were much higher.