Yes this is based on the whole candy bar.

If you own a 1 million dollar piece of property and one partner owns 1/3 and the other 2/3rds the value of said property would still be 1 million dollars. I understand that the China ownership is for 2/3rds but they may only own up to 19.9% of the common tradeable shares. AS long as the KRY entity stays intact I would think that the overall value would be based on the projects full value that being approximately $40.00 per share at present.

You raise a good point and we should leave it open for discussion with others more knowlegable i.e. a chartered accountant for their interpretation.