I’m not sure whether I fully understood Interim Report of WNI...

I’m not sure whether I fully understood Interim Report of WNI (14/03/12), p. 45 and 46/ intangible assets.
If you calculate
HK$5,955,062,000.00 = A$728,818,300.32 / 145,013,151 BRM shares = A$5.03 (today)
(I assume that the Luchan Xingtai mine is included, but I cannot see ANY value in this enterprise)

And we have an independent expert team that assessed the fair market value of one Brockman Share to be in the range of A$2.70 to A$3.05.

Have I made some mistake or are they obviously cheating the market (us)?