The underwriter is only underwriting the placement of 50 million...

The underwriter is only underwriting the placement of 50 million shares to HK residents at around HK$2.00 prior to the shares being listed in HK. Underwriters take little chance and so he would have sub-underwriters in place prior to signing the underwriting agreement with Dragon. I think you pointed out previously two guys that are probably the sub-underwriters.
Once the 50mil shares are placed which will probably happen from Mon to Thurs next week then he will get his fee. It doesn't matter to the underwriter if existing Aust/European shareholders rush for the exits when the share is listed around 2Nov and thereafter.