$SUI The unit price of Eight Mao is a sleight of hand used to lure retail investors to board—this price is more than double the historical bottom. Compared with the high from the start of the year, it’s still only one-sixth. With both ends squeezed, the two words “cheap” simply don’t hold up. Less than half the outstanding shares are actually circulating; the remaining 60% are locked in the warehouse and never see the light of day. Given that nominal market value, it can’t even cover half the assets of a fully tradable counterpart. The floor of the valuation cycle has never been raised. If you rush in now to “pick up a bargain,” what you’re really picking up isn’t cheapness—it’s the tail end of positions that others haven’t finished exiting from high levels.