No "LOL we are in China" is not sufficient.
Which software is used to design the chips? Where do the models for the gates come from?
FYI: I am almost certain this is a scam.
There is more details being provided here than anything BFL is doing (and historically provides) I know you don't like them either, so for that I believe them more than them. It might not say much, but it's understandable when doing new things in your field you can't go telling everyone everything, without needing to have those answered in confidence.
Maybe not all your questions are answered, but their is a fair amount in the first post (updated) as well as scattered through out the thread, as well as friedcat answering the more techy questions you wanted with your accusation of being a scam.
They are formed in the city of Shenzhen (China), which has a well known technology manufacturing background, many of the "big boys" in tech in china are based in that city. It's slightly more specific than somewhere in china, don't forget a good portion of electronics today are made there, and with it being done on 130nm (old now) it's ideal for their first design chip. Every question the community has asked, he has managed to give a good open answer, his reputation is far better than BFL right now.