This is a case used by Value Investing class at Columbia. Check out CAP @ Columbia or Columbia @ CAP (I cannot remember exactly) to find out how to think about the case. There are many ways you can push for the case: (1) whether network effect and increasing return is sustainable - if so, how long; (2) whether the prices at the time of report can be justified using those assumptions... In any case, this is a good exercise but I am not even sure the instructor (I assume in China) will touch these tenents.