Snapshot - FA, page-146

Per the 2010 annual report (Note 28, page 32), Mr Xu owned 100% of the business (Via Mega Rich).
In May 2013, Sunbridge incorporated and acquired Mega Rich in the exchange of his ownership of 259m shares (55% of the Sunbridge). So all other seed investors got almost free SBB shares, they didn't involved in the business.

Mr. Xu collected dividends over $37m over last 5 years. Now his shareholding only worth $30m!
Why he gave away 45% of his own business that has been running for over 17 years? Because he wanted his business to expand much bigger, possibly with a vision to a billion company. That explains why he reduced the dividend payout to a minimum 25% of NPAT.
If he had no intention to expand his business, he would be much better off keeping 100% of his business and collecting 70% of NPAT, rather than IPO/listing in ASX.

Per the 2013 annual report, the company own 5 stores generates $1.5m sales, increased from previous $0.2m as brand started to be recognised. The company is currently having 25 stores, and will have 60 stores per last announcement, these would increase sales significantly.

The company is just mispriced and will be priced at fair value once the market is awake.