I think the multiple is far too low considering how much cash and growth they are generating. We'll see.

This is a domestic player within China, not a global player. They're less exposed to cross-border risk compared to say semi-conductors, or many large global players. Who knows how the cards shake out, and if anything I feel like it is a good hedge against a larger global or US centric portfolio. They're may be some currency risk on the exchange rate, or risk if the gov't decides to somehow impact corp governance, but I feel there is plenty of upside as well. I also think Trump is too focused on the economy (seems to be his #1 priority) to push the trade war too far - he is just negotiating.

Must be related to geopolitical risk (e.g., trade war), governance risk, FX risk, lack of trust around accurate accounting and reporting? Hopefully the auditors can at least confirm the cash balances though, which seem to be growing even with significant investment.

Why is the stock declining?