There is an assumption here that fear of no license is what is...

There is an assumption here that fear of no license is what is responsible for low prices. At today’s price the TTM PE is 72.41 . Now next will improve this dramatically with lower costs, higher volumes, and better quality. On the other side is rapidly falling prices. See chart below todays spot price RMB 287.5 with VAT or USD 37.50 no vat. Not counting exchange gains and loses they made 19M H1 if they make twice that H2 (unlikely with price decreases for NDPR) that is AUD 57M / 666M share is AUD 0.085 2.10 / 0.85 is a Pe for 2019 of 24. The average PE for ASX 200 is 15. It is JMO but I think most major investors are assuming the license will be OK and it is old fashion operating metrics that is holding SP down. Since December prices have falle to 37.5.