Personally I don't see any reason to question the books, although there's always some risk of funny business.
The reason for the lack of dividend payment is probably because China was slowing / halting approval processes in the lead up to their changes in withholding taxes for foreign entities. Now that the changes have gone through, hopefully they will start approving dividend payments soon. There has been limited English reporting of these taxation changes, but some details can be found at
https://www.chinabusinessreview.com/withholding-tax-deferral-for-foreign-investment-in-china/
A more fundamental question though is whether the company should actually pay dividends. Assuming the books are correct, then the reinvestment opportunities internal to the company are probably greater than you would get outside the company in most cases - particularly when factoring in taxation. So personally, I would be happy for them to not pay a dividend for several years and rather direct that money towards revenue growth.
As for other issues relevant to the company, the headquarter aquisition and contract issues is a bit of a non-issue for me. Some of these issues were first identified in the original IPO documents, and I don't view it as unreasonable to expect either purchase or refurbishment of new offices for a growing company. Remember property has intrinsic value also.
The biggest risk factor for me is that there is such as large concentration of shareholding in Zhirong Hu, she owns ~58% of the company. So really any dividend payments, new share offerings, or other decisions are ultimately at her discretion. I'm sure for her there's a decision of whether to issue a dividend to get money out of China (which seems to be less of a priority for many people as China's market matures) or rather just to increases her own salary.
So for me it's really a matter of weighing up the corporate governance risks against expected growth of the business. Depending upon your risk tolerance and time horizon, I could reasonably see different people making very different investment decisions with this company.
