Very interesting and well done. Some interesting figures to be...

Very interesting and well done.  

Some interesting figures to be considered:

Today Shares up 4.2% with underlying asset down -0.83% in Chinese yuan ( https://www.google.com.hk/finance?q=INDEXSP:SPC300 )

AUD up 3% against USD https://www.google.com/finance?q=audusd

SPC300 still 2% down from recent historic high.

The discount would probably be less than 20% close of market today.  (NAV would probably be under $2 today)   
  
The date for renew of the 10y management is Nov 2016, still 17m away.  Hope the China A Share market can sustain this bull run for that long.  Bull market will hep reducing the discount according to the letter so if market falls,  10% discount is probably within reach.