In my opinion his movie is not bad at all, worth watching. I’m suprised they could not force him to give up his material. And it’s also suprising that his university let him do as much work as he did.
I don’t think the student was stupid, he already knew about the freedom of press in China. He will have no problem continuing his studies elsewhere and the publicity will help him find a job, as he already showed that he does not fear covering touchy topics.
However, if he were unlucky it could have ended in prison for him. And if the movie gets really popular, then the attorney and his friends might also get some trouble.