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Top China Stocks: Year-End Review

When the stock hit $8.00, I stopped referring to him as "Amit" and started asking for "Mr. Dayal" when I called. The pick was gutsy for two reasons. First, openly predicting a 4-bagger when initiating coverage takes a lot of conviction.

Second, many Wall Street analysts will ignore stocks which trade with such low volume, assuming there is limited opportunity for their clients to actually establish a position. Even worse, it can be very tough to get out of such illiquid positions.

But Mr. Dayal was correct in assuming that liquidity would follow performance, and now the stock trades nearly $3 million per day. So for those patient enough to get in with small dribs and drabs in September, the payoff has been 5 times in only four months.

At the time of publication, Pearson was long Hong Kong High Power Technology, Orient Paper and New Energy Systems.

Rick Pearson is a Beijing-based private investor focusing on U.S.-listed China small-cap stocks. Until 2005, Pearson was a director at Deutsche Bank, spending nine years in equity capital markets in New York, Hong Kong and London. Previously, he spent time working in venture capital in Beijing. Mr. Pearson graduated magna cum laude with a degree in finance from the University of Southern California and studied Mandarin for six years. He has frequently lived, worked and traveled in China since 1992.

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