Ann: Quarterly Activities Report, page-5

Totally agree with this. They have made enough progress that if the Autohome deal falls through, the price drops, buyers evaporate and you're stuck with shares in ICQ for the next few years - they've shown they can grow the business to make you some decent returns. There would be enough reason to hold around this price, even without an offer from Autohome.

The progress should also keep Autohome interested so they don't walk away or use any setback to revise their offer down.