A few years ago they were listed on the NYSE (so that might be another reason for it not being a fraud). It would be interesting to find out what real estate holdings are worth since they have owned them for a very long time (hasnt China real estate values gone up?).
He's not required to pay anything. But he would have a fight on his hands if he didn't pay a reasonable semblance of fair value...assuming shareholders have reasonable recourse on a Chinese based company, with limited operations in the U.S.A.