The company was trading at 4-6X the current share price when it...

The company was trading at 4-6X the current share price when it had zero revenue.
The company is now trading at 6X actual revenue.
Growth has accelerated whilst the share price has fallen.

Clearly there is a disconnect between share price and actual company performance.

The question isn't who is buying - the question is who has been selling. Long-term large shareholders have not been selling - the register is pretty much unchanged.

It is obvious that the source of selling has come from the same investors' who have subscribed to equity issues/convertible notes and option kickers. Once the company clears its reliance on this type of capital provision - it will see clear air and the share price will trade much more in line with fundamentals and market pricing.

Typical companies in similar industries trade at 20-40X revenue - and they are not accounting profitable either. The difference between a 20cps+ share price and today's level is cash in the bank to finance the extraordinary growth potential that China presents.

In the meantime financial sleuths in chat rooms like this - can post irrelevant references to Australian HQ location - much better thinking would be taking note of the 80+ employees in China - all developed and put in place in a year along with a new product(s) and capabilities seeing revenue grow from nothing to 17m in a COVID year.

The typical cycle of development is engineering/consulting/placement FOLLOWED over time with recurring revenue - the tail never wags the dog in the real world. You have to win the confidence of real clients before they commit. Real clients are being won over in China and are committing - the rest is the daily grind of doing the same thing over and over and over again. Australian HQ's job is to finance the growth potential in China and explore other growth options in different markets in the most efficient manner possible.