With A123, on the other hand, I still see no reason to award it a $2 billion valuation. But if anyone can better answer my question above, I would be eager to hear an informed opinion.

The author can be reached at comments@pearsoninvestment.com.
At the time of publication, Pearason was long CMTP.

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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