I think that XIN priority at this stage is to use availaible cash to fuel growth and to buy back shares. Dividens from a company prespective is 'lost' money. Also the CEO is the main shareholder, I do not think he personally needs to boost dividens as the current % on such big numbers of shares mean millions USD per year. I want to be in XIN because of capital gains prospects (1,000% - 5,000% potential in a few years) not because of future dividends, even if they were 10% p.a, small money compared to potential capital gains
I'm all for growth too, but what management does with dividends is for the shareholders. Increasing the dividend after reducing shares is a great way to reward those shareholders that have stuck by the company. It gives you incentive to hold on, just in case they repeat the process again. Dividends solidy a stock. There's a level of financial respect that's given to a stock that pays back their shareholders in cash.
Trust me when I say, increasing dividends over time will have a profound positive effect on the stock price, so I'm all for it!