FINV is trading at $5.40 with $3.75/share in net cash plus a $2.65/share Southeast Asian business ($65M EBITDA growing 35%), implying the $350-400M EBITDA China business is priced for zero despite showing stabilization signals (7% Q4-Q1 growth post-regulation). Key risks include further China regulatory crackdowns, slower-than-expected business recovery, and execution challenges on the $150M buyback authorization.