I'm not bearish but I do think people are not seeing the downside clearly enough. At the drop of a hat the govt can make http://JD.com and Richard Liu or even the entire foreign owned market disappear. This must be reflected in the stock price.
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Perhaps you interpret a 100% extraction of profits in perpetuity differently - that's fair. More to the point, I don't mean the Chinese government can't do exactly what you suggested. I just think its disingenuous to think China is the only one that does it.
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Obviously it is not. However it is quite obvious that the chance of this happening in China is significantly higher than in the U.S. therefore whatever you think the company is worth, you must discount it, in my eyes, heavily.
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