You might be right that China is a bit like the wild west. But...

You might be right that China is a bit like the wild west. But so was the US 100 years ago and it is at these times that you need to start investing. If you wait until things are nice, smooth and streamlined you have missed the most profitable part of the journey.

Alibaba trades at a high P/E even by western standards and they too are dodgy - so much so that HKSE wouldn't let them list there.

Things are changing in China. I wouldn't suggest moving there and putting the majority of your portfolio in Chinese stocks yet (although some of the top minds in equities are already doing this e.g. Anthony Bolton and Jim Rodgers). But dipping your toe in the Chinese market is a worthwhile move I think. For me this is my first dip. Successful or not I doubt it will be my last.

Obviously if it turns out that SBB's 'dodgy' dealings end up being limited to back handers and odd loans i.e. things that simply allow the business to succeed in a country where this is not considered anything other than business as usual, SBB will be an amazing purchase from these levels and potentially one you could hold for 10 years.

The key will be how respectful the founder is of his new shareholders. How honest has he been and how honest will he be. This is essentially the gamble you take with SBB. This is of course why we are all very intrigued over future dividends. A decent dividend would clearly demonstrate we are on the same team.

If there is no dividend after the company made it clear at the start that it would be a dividend paying business and now certainly has the funds to meet this promise, then I would become very suspicious.