Fundamentally it's a question of demand (competition) and...

Fundamentally it's a question of demand (competition) and supply.

If no one wants SDL at all, then SDL is worth nothing.

If anyone believes SDL is a China only play and there is no serious competition in the mix, then one shouldn't go near the stock IMO.

The $$ that can be realized for the asset equity sales has NOTHING to do with the SP (but the SP reflects the phenomenal returns for those who continue to accumulate). The Chinese and the western consortium battling it out for a long-life, ultra-high return resource over decades (NOT YET TAKEN - a rarity) worth many $billions haven't their hands tied by the BOTS.

If someone wants SDL (a lowest cost world class IO resource, ready-to-go with regional consolidation first-mover advantage that the NDRC is signalling will acquire for national strategic imperatives and where a western consortium earlier brought about China's loss of exclusivity), then it's how much they are willing to pay for it.

If more than one entity wants SDL, then it's how much they are willing to pay above and beyond to beat the other mob.

Question then becomes,

1) how much companies (private or state) around the world are paying for IO resources in recent times.

It sure ain't just 50c my friend.

2) why did SDL end up in an open international competitive tender immediately after Liu Han mysteriously disappeared (4 months before the SOE were mobilized).

A) China has a fight of her life.