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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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
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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5. This is the main point. If you look at my original tweet, I didn't say I'm bearing on JD, I said people underestimate the gov't risk of it going to zero either by government "assassination" or simple nationalization.
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This whole conversation is stupid. I mean...JD is cheap because smart people know you can't trust the Chinese gov't. You know what else is cheap? Russia. It's cheap for a reason.
End of conversation
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