Ann: Agreement to Develop Wireless Network in Beijing, page-26

WMC's parent company WHHT (on NASDAQ) reported net profit of US$ 3,362,000 for the quarter ended Sep 30 2015 and net profit of US$ 9,670,000 for the nine months ended 30 Sep 2015.
It seems profits are very consistent so I would be expecting at least US$ 12,000,000 (or AU$ 17,000,000) net profit for the year. I think that - and I could be wrong on this - that in the restructure due to the float of WMC - the money making assets of WHHT are now inside WMC with WHHT owning 60% of WMC.

So, a big deal announced yesterday, which if nothing else demonstrates that WMC does in fact have cash of about US$ 55,000,000 AND the company should have NPAT for 2015 of AU$ 17,000,000.
Yet according to HC today WMC has a market cap of just AU$ 49,000,000 on a last SP of 37 cents.

That's a P/E of just 2.75 - never mind the cash on hand!

Either the market is very suspicious of Chines companies or it is missing a huge opportunity here.