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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I don't disagree with your broad brush that the probability is higher in China. But a broad brush does not apply well to n=1 situations. Significantly higher than a remote probability (assuming the risk of this happening in US is remote), is still fairly remote.
My brush isn't that broad. 1. PRC has made it clear that it wants ownership in firms like Alibaba, Tencent, and http://JD.com - which is not par for the course when it comes to stock ownership 2. We are talking about a country where this conversation cannot even exist
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3. There is a long history of foreigners learning that what they think they own, what they should own according to "global norms" is not theirs. The semi-legal VIE structure is one such example
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4. You're from Singapore. Singapore built an entire city in Suzhou as a model for positive economic development. What happened after that? Chinese local gov't duplicated it next door and undercut it via lower tax rates. Par for the course.
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