Currently a JV.  We know this.

My take:

If it is taken public, shares will issued, and distributed to us, tax free, and based upon our percentage of current share ownership, or a portion thereof.  It does not need to become a publicly traded spin-off for us to receive those tax free shares. We will have to see how this continues to evolve.  I do believe that they will take this public in Asia at some point.  We will partake in this, one way, or another.  No worries, but many questions too.  Some of what I've written is based upon actual experience in the U.S. markets, but things change, companies are different, and countries are too.  Please offer your own insights, or experience.