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At its current market quotation, China-based Lihua International (LIWA) is a value investor's dream. Despite a market cap of ~$150 million, growing earnings and cash flows, and an unlevered balance sheet, the company is trading at far less than its net current assets-an extreme rarity in today's markets. At the moment, there is significant concern about the recent slowdown in China's economic growth, as investors are unsure about the long-term consequences of China's recent transition of power and how it will affect economic policies and laws regarding treatment of non-state-owned enterprises. This uncertainty over the Chinese government's potential economic reforms has caused many institutional investors to remain cautious, keeping their money out of China until the new...

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