Let's see what is XIN cash per share? $ 9? After you pay off all the debt and finish the projects it might still be $ 9. I can buy a company for $ 3 a share and immediately get $ 9 a share in cash. Do I really need all the sophisticated sector analysis to find a M&A partner? Wouldn';t the company fight vigorously fight a tender at the current valuation?
A tender would immediately shoot up the valuations to 10 to 15 a share and it would be a dog fight. China does not consolidate because of strategic fit consideration as it is a target rich environment. China needs to learn to crawl before it starts jogging activities.