According to a mid-day report from Bloomberg, famed PIPE shlock shop Rodman & Renshaw is shutting down its Chinese equity “research” group.
Oct. 14 (Bloomberg) — Rodman & Renshaw expected to close research operations in China-based stocks as interest deteriorates, DJ said, citing a person familiar.
• Rodman to make announcement Monday: DJ • Rodman didn’t immediately comment to DJ
One of Rodman’s chief Chinese stock pumpers analysts is Amit Dayal, who does not have a single sell recommendation in his entire active coverage list, which includes familiar names ABAT, a bunch of Westpark Capital WRASPs, Ping Luo favorite SinoHub, and AutoChina. Here is the complete list, according to Bloomberg:
SINA US Sina Corp/China market perform 09/30/11
MBT AU Mission NewEnergy market perform 09/15/11
FTLK US Funtalk China Hold market outperform 10.00 08/25/11
ABAT US Advanced Battery T market perform 08/22/11
CDII US China Direct Indust market outperform 3.00 08/22/11
CREG US China Recycling En market outperform 6.00 08/19/11
NEWN US New Energy System market outperform 6.00 08/19/11
CXDC US China XD Plastics C market outperform 10.00 08/18/11
SORL US SORL Auto Parts In market outperform 10.00 08/17/11
AMCF US Andatee China Mari market perform 08/16/11
SIHI US SinoHub Inc market perform 08/15/11
NFEC US NF Energy Saving C market perform 08/15/11
HPJ US Highpower Internat market outperform 4.00 08/12/11CNIT US China Information market perform 08/11/11
ZSTN US ZST Digital Network market outperform 14.00 08/04/11
AUTC US AutoChina Internati Under Review 07/01/11
If you think that list is bad, here are some of the companies where Dayal dropped coverage:
CAAS US China Automotive S dropped coverage 06/09/11
POWR US PowerSecure Intern dropped coverage 15.00 05/06/11
DGW US Duoyuan Global Wa dropped coverage 05/04/11
WATG US Wonder Auto Techn dropped coverage 04/29/11
CBEH US China Integrated En dropped coverage 04/29/11
CHNG US China Natural Gas dropped coverage 04/11/11
ASTI US Ascent Solar Techn dropped coverage 04/11/11
CALI US China Auto Logistic dropped coverage 01/10/11
RINO US RINO International dropped coverage 12/31/10
While this is probably bad news for Amit and his co-workers, the end of the Chinese equity research charade should be good news for Rodman clients suckers. This also means the likely end of Rodman fundraising efforts for Chinese names. And if a bucket shop like Rodman won’t bank them, who will?