Well in my opinion it is the only way for them to spin capital...

Well in my opinion it is the only way for them to spin capital raising as a positive, by linking it to the only thing in the business that is going remotely well.

The trouble is that without repairing the China business they cannot survive, because it is expensive to grow in the USA and the margins just aren't as good. Doubling down on USA sounds good in theory but not so much when you are bleeding cash already. Previous management took their eye off the ball in China and this just confirms to me the new management is doubling down on a bad strategy. Diversifying away from China is great idea, but completely ditching the #1 IF market in the world, not so much.

And that is all before considering the further dilution of shareholder value that will result from this. Hopefully it provides a very nice sugar hit in terms of USA revenues, to distract from all of the above.