And let's take it a step further:

If super phonics gets listed, then PTK gets a new indirect source of investor interest, all long before it gets to the Nasdaq.

I say "indirect" because I am assuming that the HK market participants will focus only on the super photonics listing. So an arbitrage will open up between Sup Pho and PTK. (PTK owns half of Sup Pho) Even being conservative about the discount, PTK (the stock, not the company) will be tethered to whatever hot valuation Sanan's management and the HK punters push for Sup Pho.

It will be interesting to see how this story will be spun. PTK management have always been and continue to be non-promotional and conservative. Will Sanan management and Chinese capital market  practitioners be equally conservative or will they be more, um, silly-con valley like? I am guessing the latter...

I just found 3 quarters in the cushions of our couch--that's still good for one more share!