Sum of parts analysis on a $50M holding company where the math isn't adding up

Was screening for Hong Kong small caps trading below book value last month and almost closed the tab on this one immediately. The name looked like a penny stock pump, the recent financials were confusing, and I got burned on a similar "hidden value" thesis with CIFS last year that went absolutely nowhere. But something in the asset breakdown made me keep digging. TROO is a financial services holding company at \~$4.03 with a $50M market cap. Market is pricing it like a dying legacy lender, which was my assumption too until I looked at what they actually own. The piece that got my attention is their equity stake in HK Golden, Inc., a Hong Kong online forum. On January 7, 2026, they announced Nasdaq IPO preparations targeting this year. I pulled SimilarWeb data expecting inflated numbers and honestly I'm still not 100% confident in the accuracy since these tools can be hit or miss for Asian markets. That said, the data showed DAU over 350,000, mostly Hong Kong, Taiwan, and North American Chinese users. Session duration averaging 18 minutes is about 3.6x typical news apps, which usually signals real community stickiness rather than bot traffic. Take it with a grain of salt though. Running comps against Reddit and Taiwan's Dcard where MAU valuations sit around $50 to $70, HK Golden's implied value could be meaningful relative to TROO's market cap. Could be. I've seen enough "targeting IPO" announcements that never materialize to know this is far from guaranteed. They've also signed an MOU for a UK property portfolio at £40M (\~$50M). Just MOU stage though, not closed, so I'm treating this as speculative rather than baked in. What almost made me pass entirely: the float is tiny (\~10M tradeable shares). Illiquid small caps can trap you even when the thesis plays out. If this doesn't work, selling without massive slippage will be tough. The company is also in the middle of a transformation from traditional lending, and most transformation stories I've followed end up being value traps that bleed slowly for years. My exit plan: if the HK Golden IPO gets delayed past 2026 or cancelled, I'm out regardless of price. If it drops below $2.50 before any catalyst materializes, I'll probably cut losses there too since at that point the market is telling me something I'm not seeing. Took a \~2% portfolio position, sized so that a total loss stings but doesn't wreck anything. The sum of parts gap looks interesting on paper but I've thought that before and been wrong. Posting mainly to stress test whether my logic has obvious flaws before I consider adding.