It's about money. Getting the Arum name known in China, tapping into millions of Chinese PPVs down the line, getting Chinese boxers and fans to believe that dealing with Arum will bring you wealth.
Shiming will be somewhat protected his first fights, but Arum is smart and will have asked for advice from people he trusts, so I would say Shiming is not totally hopeless.
It will take a few years but China, with it's billions, could produce some great boxers.