if the cash is real, you'd kick yourself if you sell this stock...

if the cash is real, you'd kick yourself if you sell this stock at 2.9 cents

i would rate, base on auditor confirmation that the probability of the cash held in bank being real is at least 80%. Even if they don't currently have 54 mil in the bank, they most probably do have in the vicinity of at least 20 mil dollar. Base on their filing with the Chinese Security Commission. The company can lie to the ASX and ASIC, but they won't dare lie to the Chinese tax office and security commission. otherwise it'd be 10 years jail for Jiameng Zhang.

The company also hold land & factories, which should also be worth something.. they've also got statutory reserve cash in the bank that they cannot touch.