Chinese invasion of Taiwan not imminent then.
Priced in as one of the factors for why China is trading so low to begin with. Fraud doesn't help either. And the fact Xi can come in at any time is another factor. Still it does seem like the earlier valuations when companies were basically trading at their book value while still having ok profits were probably too low. War risk is definitely there and you can assume your investment can go to zero but its also pretty likely a US-China war would see a huge drawdown in American stocks as well unlike with Russia where the effect is far smaller.