I don't know the history of the Chinese involvement here and...

I don't know the history of the Chinese involvement here and whether or not they are restricted by govt intervention to their current shareholding percentage but normally under the Corporations Act someone can move by takeover to 100% at any time no matter what percentage they own.
Also the Chinese could sell their 53% shareholding at anytime I would imagine and the acquirer is then obligated to pass on the same terms to minority shareholders.
The company is making genuine profits and so could legally pay a dividend - there are companies paying dividends with similar debt levels to assets.
It was good to see the large seller taken out in after hours trading today - hopefully that is the case.