Paver, I'm starting to catch a whiff of desperation in your posts. They are no longer arguments or opinions, but simply contradictions. That does not qualify in your quest to be contrarian of the year by the way.
There are 3 things really that you are missing (on purpose?) in Chen's opinions;
1) Management (or other) buy out/ Arbitrage - could happen, and could take many different forms. Read up on a few.
2) Dual listing - check out the rules to list on Hang Seng. They absolutely could qualify, and quite easily.
3) Industry comparables - See if you can get a copy of R&R's report and check out the valuation multiples of comparable companies. They are 14 - 18x.
I'm gonna go out on a limb here and pay attention to what the CFA's and their firms publish, rather than your contradictory drivel. Next you'll have Sinopec delivering "virtual gas" into Shanxi....what a clown.