AIM ASIA H1 2014 Review

AIM ASIA - h1 2014
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Information sourced from London Stock Exchange and Allenby Capital
Contents
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AIM ASIA H1 2014 Overview
]]
AIM ASIA H1 2014 Admissions
]]
AIM ASIA H1 2014 Secondary Fundraisings
14
]]
AIM ASIA Share Price Performance
17
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AIM ASIA Trading Volumes
19
]]
Allenby Capital Overview
21
AIM ASIA H1 2014 Overview

Of the 1,104 AIM constituents as at end
June, 81 (or 7.3%) have their central
operations based in Asia. The term Asia in
this report refers specifically to the nations
listed on the following page: besides the
ten ASEAN members, we have included
China, Japan, South Korea, Hong Kong
and Mongolia.
The net movement of Asian based AIM
constituents in the six months since end
2013 has been -3, with the numbers of
companies operating in China, Hong Kong,
Mongolia and Thailand each reducing
by one, and South Korea having gained a
constituent.
In H1 2014, there were four new joiners
to AIM from the Asia region. Interestingly,
all four of these have their central
operations based in China. Two of these
joined by way of an IPO, one by way of
a Reverse Takeover and one by way of

an Introduction (IPO with no fundraise).
7.5m was raised by the four companies
in total. The average and median market
capitalisations of the new joiners were
26.8m and 15.8m respectively.
The H1 2014 new joiners each come

from different sectors, namely the Oil &
Gas, Financials, Technology and Basic
Materials sectors. The largest of the new
joiners in terms of market capitalisation by
a significant margin was Adamas Finance
Asia Ltd (ADAM.L, 144.0m). Although
Oil & Gas play Leyshon Energy Plc
(LEN.L, 10.3m) did not raise funds upon
admission to AIM, it was injected with
substantial funds prior to its spin out from
AIM listed mother company, Leyshon
Resources Ltd (LRL.L, 1.2m).
There were five Secondary placings carried

out by Asian based companies in H1 2014
that raised a total of 4.2m.
Six Asian based companies left the market
in H1 2014. Of these:
]]
3 chose to delist after no longer seeing

the benefits of an AIM listing
]]
1 was the subject of a reverse takeover
]]
1 was acquired
]]
1 fell into administration
OF AIMS 1,104 CONSTITUENTS, 81 HAVE THEIR MAIN OPERATIONS IN ASIA

Location of main operations (number of companies)
Mongolia (3)
China (43)
Japan (1)
Myanmar (2)
South Korea (3)
Vietnam (4)
Hong Kong (1)
Singapore (6)
Philippines (3)
Indonesia (3)
Malaysia (12)
ANALYSIS OF AIM ASIAS 81 COMPANIES

AIMs Asian based companies are spread
across a broad range of sectors. The
most represented sectors are Financials
(including Equity Investment Instruments)
with sixteen (or 19.8%), Natural Resources
(Oil & Gas and Mining stocks) with fifteen
(or 18.5%), and Industrials with thirteen
(or 16.0%). The eleven constituents
operating in the Consumer Goods sector
on average declined by 21.6% over the
period, whilst the five constituents in the
Consumer Services sector increased by
an average of 22.0%. Natural Resources
stocks decreased by an average of 13.5%.
The market cap range of AIM Asias

constituents is broad. The average market
cap is 79.2m compared to 71.0m on the
AIM market as a whole.
Diverse sector presence

Technology; 7
Company
PureCircle Ltd
Green Dragon Gas Ltd
Vinacapital Vietnam Opportunity Fund Ltd
Hutchison China MediTech Ltd
M.P. Evans Group Plc
Vinaland Ltd
Pacific Alliance China Land Ltd
Central Asia Metals Plc
Vietnam Infrastructure Ltd
Fusionex International Plc
Asian Citrus Holdings Ltd
Pacific Alliance Asia Opportunity Fund Ltd
Weiss Korea Opportunity Fund Ltd
JQW Plc
Adamas Finance Asia Ltd
Mkt Cap (m) Country

SUB Sector
996.57
Malaysia
Food Products
697.35
China
Integrated Oil & Gas
616.13
Vietnam
Equity Investment Instruments
542.19
China
Pharmaceuticals
264.03
Indonesia
Farming & Fishing
246.39
Vietnam
Real Estate Holding & Development
227.70
China
187.04
Mongolia
General Mining
156.69
Vietnam
154.80
Malaysia
Software
153.08
China
Food Products
149.93
China
146.47
South Korea
145.16
China
Specialized Consumer Services
143.96
China
Specialty Finance
LARGE NUMBER OF <50m COMPANIES

Alternative Energy; 4
16
Basic Materials; 3
Consumer Goods; 11
Oil & Gas; 7

Consumer Services; 5
Mining; 8
14
14
14
Number of companies
Real Estate; 5
12
11
10
11
10
10
8
Financials; 9
Health Care; 2
Equity Investment Instruments; 7
2
0
Industrials; 13
AIM ASIAs Largest Members
0-2
2-5
5-10
10-25
25-50
Market Cap (m)
50-100
100-250
250-500
500 >
AIM ASIAS 81 COMPANIES
List date
Company Name
Sector
Sub Sector
Country of
Operation
Market capitalisation
(m)
2014 Price Performance

(%)
Jun 2, 2010
Alternative Energy Ltd
Alternative Energy
Renewable Energy Equipment
Singapore
29.09
108.3%
Jan 9, 2012
Nova Resources Ltd
Financials
Specialty Finance
South Korea
4.12
98.1%
Jun 22, 2012
Global Market Group Ltd
Consumer Services
Media Agencies
China
55.99
90.5%
Aug 17, 2006
Oil & Gas
Integrated Oil & Gas
China
697.35
80.0%
May 19, 2006
Health Care
Pharmaceuticals
China
542.19
66.4%
Feb 6, 2006
Bodisen Biotech Inc
Basic Materials
Specialty Chemicals
China
1.29
50.0%
Oct 22, 2004
Metals Exploration Plc
Mining
General Mining
Philippines
101.40
47.4%
Oct 23, 2006
LED International Holdings Plc
Industrials
Electronic Equipment
China
4.81
45.3%
Jun 20, 2014
Zibao Metals Recycling Holdings Plc
Basic Materials
Nonferrous Metals
China
9.97
31.3%
Nov 18, 2008
Medilink-Global UK Ltd
Industrials
Financial Administration
Malaysia
3.78
30.0%
Jun 28, 2012
New Trend Lifestyle Group Plc
Consumer Services
Specialty Retailers
Singapore
7.37
28.2%
Nov 9, 2012
Vmoto Ltd
Consumer Goods
Recreational Products
China
29.34
26.6%
Jun 15, 2006
Vietnam Holding Ltd
Financials
Vietnam
98.00
23.4%
Feb 19, 2014
Adamas Finance Asia Ltd
Financials
Specialty Finance
China
143.96
21.0%
Oct 16, 2013
China Rerun Chemical Group Ltd
Basic Materials
Specialty Chemicals
China
40.93
18.5%
Sep 30, 2010
Central Asia Metals Plc
Mining
General Mining
Mongolia
187.04
18.4%
Jul 5, 2007
Financials
Vietnam
156.69
18.4%
May 14, 2013
Financials
South Korea
146.47
15.3%
Sep 30, 2003
Financials
Vietnam
616.13
15.0%
Mar 22, 2006
Vinaland Ltd
Real Estate
Vietnam
246.39
14.9%
Sep 21, 2006
Pacific Alliance Asia Opportunity Fund Ltd
Financials
China
149.93
14.6%
May 2, 2007
NetDimensions (Holdings) Ltd
Technology
Software
China
26.31
12.4%
Jul 31, 2006
Tinci Holdings Ltd
Industrials
Industrial Machinery
China
2.52
11.8%
Jun 30, 1997
Griffin Mining Ltd
Mining
General Mining
China
67.36
10.7%
Feb 10, 2009
Yujin International Ltd
Industrials
Marine Transportation
Singapore
5.70
8.6%
Dec 14, 2009
Origo Partners Plc
Financials
Specialty Finance
China
28.09
6.8%
Nov 30, 2009
Asian Plantations Ltd
Consumer Goods
Farming & Fishing
Singapore
99.37
6.3%
Dec 16, 2005
Univision Engineering Ltd
Industrials
China
2.97
4.0%
Sep 30, 2013
Greka Engineering & Technology Ltd
Industrials
Business Support Services
China
12.29
4.0%
Prices as of 08/08/2014
AIM ASIAS 81 COMPANIES Continued...
List date
Company Name
Sector
Sub Sector
Country of
Operation
(m)

(%)
Dec 11, 2007
PureCircle Ltd
Consumer Goods
Food Products
Malaysia
996.57
3.0%
Nov 22, 2007
Real Estate
China
227.70
2.9%
Dec 14, 2007
Capital Lease Aviation Plc
Industrials
Transportation Services
Singapore
16.23
1.5%
Dec 9, 2013
JQW Plc
Consumer Services
Specialized Consumer Services
China
145.16
1.4%
Oct 28, 2002
Consumer Goods
Farming & Fishing
Indonesia
264.03
0.9%
Sep 26, 2008
Resource Holding Management Ltd
Consumer Services
Media Agencies
Malaysia
7.62
0.8%
Apr 15, 2005
Churchill Mining Plc
Mining
Coal
Indonesia
27.81
0.0%
Feb 14, 2007
Haike Chemical Group Ltd
Oil & Gas
Exploration & Production
China
8.05
-2.3%
Feb 8, 2012
Lead All Investments Plc
Financials
Specialty Finance
Malaysia
1.95
-3.7%
Jun 26, 2006
Arc Capital Holdings Ltd
Financials
China
112.07
-3.9%
Oct 12, 2010
Global Lock Safety Group Plc
Industrials
Business Support Services
China
7.65
-4.2%
Oct 13, 2006
Japan Residential Investment Company Ltd
Real Estate
Japan
121.87
-6.3%
Dec 18, 2012
Fusionex International Plc
Technology
Software
Malaysia
154.80
-6.5%
Apr 1, 2011
Qihang Equipment Co Ltd
Industrials
Industrial Machinery
China
3.48
-7.7%
Oct 5, 2006
Asian Growth Properties Ltd
Real Estate
China
141.82
-8.6%
May 2, 2013
All Asia Asset Capital Ltd
Financials
Specialty Finance
Myanmar
39.77
-9.1%
Dec 10, 2001
ZincOx Resources Plc
Mining
General Mining
South Korea
20.58
-10.8%
Sep 6, 2010
Asia Ceramics Holdings Plc
Consumer Services
Home Improvement Retailers
China
5.33
-11.0%
May 12, 2014
Galasys Plc
Technology
Software
China
12.98
-13.3%
Jun 27, 2013
Myanmar Investments International Ltd
Financials
Specialty Finance
Myanmar
6.98
-13.4%
Dec 13, 2010
Copper Development Corp
Mining
Nonferrous Metals
Philippines
0.90
-17.2%
Dec 14, 2006
Taihua Plc
Health Care
Biotechnology
China
2.45
-17.4%
Mar 22, 2010
CSF Group Plc
Technology
Computer Services
Malaysia
6.20
-20.5%
May 1, 2008
Petro Matad Ltd
Oil & Gas
Mongolia
8.03
-23.2%
Jul 2, 2004
RCG Holdings Ltd
Industrials
China
16.29
-23.5%
Aug 3, 2005
Consumer Goods
Food Products
China
153.08
-25.2%
Sep 30, 2008
Sorbic International Plc
Consumer Goods
Food Products
China
3.21
-28.1%
Aug 20, 2012
China Chaintek United Co Ltd
Industrials
Transportation Services
China
56.77
-30.3%
Mar 15, 2006
China Growth Opportunities Ltd
Financials
China
0.63
-30.8%
AIM ASIAS 81 COMPANIES Continued...
List date
Company Name
Sector
Sub Sector
Country of
Operation
(m)

(%)
Aug 14, 2013
RapidCloud International Plc
Technology
Computer Services
Malaysia
10.81
-30.8%
Aug 2, 2005
Forum Energy Plc
Oil & Gas
Philippines
20.26
-30.9%
Mar 31, 2011
Top Creation Investments Ltd
Real Estate
Malaysia
2.89
-30.9%
Mar 8, 2011
Greka Drilling Ltd
Oil & Gas
Oil Equipment & Services
China
39.82
-32.7%
Dec 10, 2004
AEC Education Plc
Industrials
Business Training & Employment

Agencies
Singapore
1.58
-35.6%
Jan 23, 2014
Leyshon Energy Plc
Oil & Gas
China
10.29
-37.7%
Dec 10, 2007
China Food Company Plc
Consumer Goods
Food Products
China
3.93
-38.9%
Dec 24, 2012
Camkids Group Plc
Consumer Goods
Clothing & Accessories
China
39.70
-39.9%
Aug 31, 2011
MoneySwap Plc
Financials
Consumer Finance
Hong Kong
2.84
-40.0%
Mar 4, 2008
Polo Resources Ltd
Financials
Specialty Finance
Mongolia
36.00
-40.9%
Dec 21, 2006
Walcom Group Ltd
Consumer Goods
Food Products
China
1.20
-41.7%
Apr 5, 2012
Naibu Global International Company Plc
Consumer Goods
Footwear
China
24.90
-43.4%
Jun 23, 2006
Geong International Ltd
Technology
Software
China
1.09
-46.5%
Apr 2, 2012
Auhua Clean Energy Plc
Alternative Energy
China
21.03
-47.1%
Mar 26, 2013
Graphene Nanochem Plc
Alternative Energy
Alternative Fuels
Malaysia
65.26
-48.7%
Jun 9, 2010
Northwest Investment Group Ltd
Financials
Specialty Finance
China
2.18
-49.8%
Jul 5, 2007
Mobilityone Plc
Industrials
Financial Administration
Malaysia
1.73
-51.8%
Dec 13, 2006
Kalimantan Gold Corporation Ltd
Mining
General Mining
Indonesia
1.59
-56.3%
Nov 7, 2013
Gowin New Energy Group Ltd
Consumer Goods
Durable Household Products
China
9.51
-56.6%
Jun 23, 2005
Peninsular Gold Ltd
Mining
Gold Mining
Malaysia
3.98
-59.7%
Sep 20, 2013
Macromac Plc
Technology
Telecoms & Software
Malaysia
21.66
-60.2%
May 23, 2011
China New Energy Ltd
Alternative Energy
Alternative Fuels
China
4.71
-69.3%
Dec 31, 2010
Leyshon Resources Ltd
Oil & Gas
China
1.18
-88.2%
AVERAGE:
-5.7%
MEDIAN:
-6.3%
AIM ASIA H1 2014 Admissions
4 ADMISSIONS TO AIM IN H1 2014 FROM THE ASIA REGION
Listing
Date
Jan 23,
2014
Feb 19,
2014
Company
Leyshon Energy Plc
Adamas Finance
Asia Ltd
May 12,
2014
Jun 20,
2014
Galasys Plc
Zibao Metals
Recycling Holdings
Plc
Issue type
Description
Country of
Operation
Money
Raised
(m)
Market Value
(m) at IPO/
Admission
Issue
price
Price
as of
08/08/14
Performance
since IPO
Introduction
In September 2013 Leyshon Resources, the natural resources focussed company

operating in China, announced that it was spinning out its energy assets as
a separate AIM listed vehicle. The new entity, Leyshon Energy, also took $35m
of cash reserves in the transaction. Leyshon Energy's core asset is its current
100% working interest in the Zijinshan Gas Project, located on the eastern fringe
of the Ordos Basin in central China, covering an area of 705 square kilometres.
China
0.00
16.53
6.63
4.13
-38%
Specialty
Finance
In February, AIM listed China Private Equity Investment Holdings Ltd ('CPEH')
completed a transaction with strategic partner Adamas Asset Management HK
Ltd that constituted a reverse takeover under AIM rules. The transaction gave the
enlarged listed entity majority stakes in four special purpose vehicles that hold
Re-admission
interests in four privately owned companies based in China. The investments are
& Placing
across a range of sectors - for example, one of the Chinese companies operates
in the pharmaceuticals sector; another operates a magnesium limestone mine.
All four investee companies are seeking IPOs in the near term. CPEH renamed
itself as Adamas Finance Asia Ltd on completion of the reverse takeover deal.
China
3.07
67.90
0.60
0.75
25%
Software
Galasys is a leading provider of end-to-end ticketing systems and solutions

to the theme park industry in Asia. The Company already operates at over 60
sites in China and Malaysia, and anticipates strong growth in the coming years,
IPO & Placing considering that Asia is the fastest growing market for theme parks. In FY
2013, the Group recorded a net profit of 1.3m. Over 60% of Group revenues
are recurring. A key competitive advantage for Galasys is its long standing
relationships with China's two largest Amusement Park operators.
China
3.12
14.97
22.50
19.50
-13%
Nonferrous
Metals
Zibao is a trader of non-ferrous metals, principally aluminium and copper.

It imports metals from a variety of international sources and resells them to
processors the Peoples Republic of China: these processors then resell the
IPO & Placing product in clean form to metal foundries. The Company was founded in 2009: in
the year to March 2013, it booked PBT of HK$14.7m on revenues of HK$135.9m.
The funds raised are to be used to facilitate potential acquisitions and to secure
a stronger source of supply and an enhanced margin.
China
1.30
7.78
8.00
10.25
28%
Total
7.49
Average
1%
Median
6%
Sub Sector
Exploration &
Production
10
AIM ASIA PERFORMANCE REVIEW OF 2013 ADMISSIONS
Listing
Date
May 2, 2013
Company
All Asia Asset

Capital Ltd
Country of
Operation
Money
Raised
(m)
Market Value
(m) at IPO/
Admission
Issue
price
Price
as of
08/08/14
Performance
since IPO
Investment
Services
All Asia Asset Capital is a special purpose investment company focused on growth
opportunities in Southeast Asia. Management has not limited its investment
mandate to a narrow range of sectors, instead allowing for investments in the
IPO & Placing following industries: agriculture, forestry and plantations, natural resources,
property and technology. To date, the Group has invested solely in projects
located within Myanmar, including in power plant development, hospitality and
entertainment businesses.
Myanmar
3.57
5.97
20
567%
Macromac generates revenues mainly through the provision of mobile messaging

related services (85% of 2012 revenues) such as bulk messaging or premium
messaging. However, the company has diversified its revenue streams by
IPO & Placing leveraging off the software development capabilities of its internal development
team to provide software solutions and web development services to SMEs (15%
of 2012 revenues). Whilst historically focused purely on the Malaysian market
the Company is pushing into new regions such as Thailand and Indonesia.
Malaysia
0.48
10.08
10
21.5
115%
Sub Sector
Description
Sep 20,
2013
Macromac Plc
Telecoms &
Software
Sep 30,
2013
Greka Engineering
& Technology Ltd
Business
Support
Services
Introduction
Greka Engineering & Technology Ltd. (Greka) provides engineering,

procurement, construction and management services for infrastructure projects
in the unconventional gas sector in China. The Company was formed by way of
a demerger dividend paid to all holders of Grekas former parent company Green
Dragon Gas Ltd, itself listed on AIM.
China
20.48
na
10
100%
Specialty
Chemicals
China Rerun Chemical Group produces range of lubricants for China's domestic
automotive, industrial and agricultural markets. The Company's operations are
based in Daging, north-eastern China. In the half year to February 2013, China
Rerun booked a pre tax profit of RMB19.44m on revenues of RMB122.58m. The
IPO & Placing
product range currently consists of 29 types of lubricant, which come in a variety
of different grades and volume (range of products stands at 109 different items
in total). Products are sold through a network of third party distributors that
operate across 13 provinces and 2 municipalities across China.
China
0.18
25.58
10
16
60%
Oct 16,
2013
China Rerun
Chemical Group Ltd
11
Issue type
AIM ASIA PERFORMANCE REVIEW OF 2013 ADMISSIONS Continued...
Listing
Date
May 14,
2013
Aug 14,
2013
Company
Weiss Korea
Opportunity Fund
Ltd
RapidCloud
International Plc
Dec 9, 2013
JQW Plc
Country of
Operation
Money
Raised
(m)
Market Value
(m) at IPO/
Admission
Issue
price
Price
as of
08/08/14
Performance
since IPO
Equity
Investment
Instruments
Weiss Korea ("WKOF") is a fund established to take advantage of the suppressed

equity markets in South Korea. WKOF's investment mandate is to primarily invest
in preference shares of listed Korean companies. Management is of the opinion
IPO & Placing that value can be realised for shareholders by focusing on the technical aspects
of preference shares, relative to common shares. These include discounted
prices, dividend yield, liquidity and weighting in relation to common shares.
Fundamental analysis is to take a back seat in the investment process.
South Korea
105
105
100
139.5
40%
Computer
Services
RapidCloud is a provider of computing services, web hosting and web solutoins.

It is based in Malaysia, and also operates in Thailand and the Philippines. The
Group is unusual in that it offers its services through all three segments of Cloud
Computing (Software-as-a-Service, Platform-as-a-Service and Infrastructureas-a-Service). RapidCloud was founded in 1999, and now caters to over 36,000
IPO & Placing
clients, comprised of SMEs, MNCs, government agencies and other large scale
enterprises. Notable customers include Deloitte, BAE Systems and Canon. The
funds raised upon flotation are to be used in expanding into new markets in SE
Asia. The Cloud Computing industry in the Asia Pacific region as a whole has
been forecast to grow at a CAGR of 49.6% over the next three years.
Malaysia
9.38
54
58.5
8%
Specialized
Consumer
Services
JQW is a China based business to business ('B2B') e-commerce operator that

caters to SMEs (of which there are c.49m operating in the PRC). The Company's
core product is its B2B platform, which is now the second highest ranked B2B
e-commerce website (behind only Alibaba). Management also believes that it
IPO & Placing operates the first dedicated B2B search engine. The website has c.10m registered
users, 9m sets of companies' details, and enjoys 5m page views per day. The
monies raised upon admission are to upgrade the Company's hardware and
servers, and to develop a mobile version of its platform (for iOS and Android).
Management also intends to establish a financial and trading platform.
China
6.7
135.48
70
75
7%
Sub Sector
12
Issue type
Description
AIM ASIA PERFORMANCE REVIEW OF 2013 ADMISSIONS Continued...
Listing
Date
Jun 27,
2013
Mar 26,
2013
Nov 7, 2013
Company
Myanmar
Investments
International Ltd
Graphene
NanoChem Plc
Gowin New Energy

Group Ltd
Country of
Operation
Money
Raised
(m)
Market Value
(m) at IPO/
Admission
Issue
price
Price
as of
08/08/14
Performance
since IPO
Specialty
Finance
Myanmar Investments is a newly incorporated special purpose investment

company that plans to build a portfolio of high growth, diversified investments
in businesses operating in its namesake country. The directors believe that
Myanmar is primed for rapid economic growth in the coming years, with the
country having at last been opened up to foreign direct investment, following
IPO & Placing
decades of economic stagnation. The parliamentary elected Union Solidarity and
Development Party enacted the Foreign Investment Law at the end of last year,
which is fundamental for the nations five year plan of tripling its economy over
the period. The Company intends to be an active investor, taking management
positions in investee companies where legally applicable.
Myanmar
4.2
4.6
1.05
1.1
5%
Alternative
Energy
Graphene Nanochem gained its AIM listing through the reverse takeover of
Biofutures International Plc by Platinum NanoChem Sdn Bhd. Based in Malaysia,
the Group is a developer and producer of speciality chemicals and advanced
Re-admission
nanomaterials. Its range of products are 'green', having been produced from
& Placing
palm oil derived liquid waste and process residue materials. The funds raised
during the RTO process are to be used for increasing production output at the
Group's speciality chemicals and nanomaterials plants.
Malaysia
32.5
36.93
140
56
-60%
Durable
Household
Products
Gowin is based in the PRC, and develops, manufactures and distributes LED
lighting products. Having been founded in 2005, the Group has been profitable
in the past two financial years. The monies raised upon admission, coupled
IPO & Placing with a pre-IPO fund raising of 1.26m, are to be used to expand operations
throughout China and for working capital purposes. With the share price having
increased more than 250% in the first two weeks of trading, Gowin was able to
raise a further 192k via a secondary placing later in November.
China
1.15
24.06
2.75
-61%
Total
154.78
Average
78%
Median
24%
Sub Sector
13
Issue type
Description
AIM ASIA H1 2014 Secondary fundraisings
14
AIM ASIA H1 2014 Secondary fundraisings Overview

Total funds raised by AIMs Asian based
companies
via
Secondary
placings
amounted to 4.2m in H1 2014. This was
accomplished by five placings across the
Alternative Energy, Financials, Mining and
Real Estate sectors.
ZincOx Resources Plc (ZOX.L, 20.6m)
is the developer of Asias largest zinc
recycling project, the Korean Recycling
Plant (KRP), located in South Korea. In
April, ZincOx raised 1.03m via an equity
placing. The proceeds were to be used to
make repairs to its refractory and to ramp
up production at the recycling plant. Later
in April, the Company implemented an
Open Offer to existing shareholders that
raised a further 2.04m.
Nova Resources Ltd (NOVA.L, 4.1m)

is an investment company focused on
high growth opportunities in the energy,
infrastructure,
technology,
natural
resources and manufacturing sectors.
In January, as part of a larger syndicate
the Group invested in Enerstry Group
Ltd, a company that builds and manages
renewable energy plants in South Korea.
Novas investment primarily comprised a
loan of $806k. Enerstys first plant project
already supplies heat energy to a major
milk producer in South Korea.
H1 2014 FURTHER ISSUES BY SECTOR

Real Estate; 5.3%
Alternative Energy; 7.9%

Mining; 73.6%
Financials; 13.2%
FURTHER ISSUES OVER PAST 3.5 YEARS

Money Raised (m)
90.0
Number of Transactions
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
Jul 11
Aug 11
Sep 11
Oct 11
Nov 11
Dec 11
Jan 12
Feb 12
Mar 12
Apr 12
May 12
Jun 12
Jul 12
Aug 12
Sep 12
Oct 12
Nov 12
Dec 12
Jan 13
Feb 13
Mar 13
Apr 13
May 13
Jun 13
Jul 13
Aug 13
Sep 13
Oct 13
Nov 13
Dec 13
Jan 14
Feb 14
Mar 14
Apr 14
May 14
Jun 14
15
Money Raised (m)
Number of Transactions
5 SECONDARY FUNDRAISINGS BY ASIAN BASED AIM COMPANIES IN H1 2014
Date
Company
Sector
Sub Sector
Country of Operation
Money Raised
(m)
Issue Price (p)
Performance to
Date (%)
Jan 24, 2014
Nova Resources Ltd
Financials
Speaciality Finance
South Korea
0.55
1.00
5.0%
Apr 2, 2014
Mining
General Mining
South Korea
1.03
10.00
23.8%
Apr 10, 2014
Alternative Energy Plc
Alternative Energy
Singapore
0.33
0.30
316.7%
Apr 11, 2014
Top Creation Investments Ltd
Real Estate
Malaysia
0.22
0.25
52.0%
Apr 25, 2014
Mining
General Mining
South Korea
2.04
10.00
23.8%
Total
Total
4.18
Average
84%
Median
24%
16
AIM ASIA H1 2014 Share price performance
17
AIM ASIA H1 2014 Share price performance overview

The average share price performance of
AIM Asias 81 constituents over H1 2014
was -5.6% (median: -6.3%). The best
performing sector was the Basic Resources
sector: the average share price gain for the
three companies operating in this sector
was 33.3%.
Top 8 & Bottom 8 - H1 2014 PERFORMANCE

150
108.0
98.0
100
91.0
-60.0
Leyshon Resources Ltd
-60.0
China New Energy Ltd
-57.0
Macromac Plc
-56.0
Peninsular Gold Ltd
-52.0
Gowin New Energy Group Ltd
-50.0
Kalimantan Gold Corporation Ltd
Mobilityone Plc
45.0
% change
47.0
LED International Holdings Plc
50.0
50
Metals Exploration Plc
66.0
Northwest Investment Group Ltd
80.0
Bodisen Biotech Inc
Global Market Group Ltd
Nova Resources Ltd
-50
Alternative Energy Ltd
-69.0
-100
18
Information sourced from London stock exchange, Allenby Capital, Share price performance as of 20 Jan 2014.
-88.0
AIM ASIA H1 2014 Trading volumes
19
AIM ASIA H1 2014 Trading volumes overview

We believe that monthly trading value
of a stock as a percentage of its market
capitalisation helps give an indication of
liquidity. Asian AIM stocks, on average,
traded 1.32% of their market caps in
June, the last month of H1 2014. This
was below the average for the wider AIM
market (average liquidity across all AIM
constituents in June amounted to 3.56%).
Vietnam Infrastructure Ltd (VNI.L,
94.4m) was AIM Asias most liquid stock
in June. 20.2m worth of shares equating
to 21.4% of the Companys market cap at
month end exchanged hands as Singapore
sovereign wealth fund Temasek disposed
of its holding in the Company.
AIM Asias most traded stock by value was

Hutchison China Meditech Ltd (HCM.L,
472.3m). 21.0m of shares in the
Company were traded in June as interest
intensified when HCM announced the
commencement of Phase II clinical trials
in non-small, cell lung cancer patients
for one its agents under development,
fruquintinib. In June the Group also
commenced Phase I trails of an inhibitor of
autoimmune diseases, as well as refinanced
its $27m existing loan.
LIQUIDITY FOR DIFFERENT MARKET CAP GROUPINGS
% Mkt Cap traded per month
3.00
2.50
2.00
1.50
1.00
0.50
0-2
2-5
5-10
10-25
Market Cap (m)
20
25-50
company
Trading Value M
Market Cap m
VALUE/MKT CAP
20.23
94.4
21.43%
Leyshon Energy Plc
1.07
11.5
9.24%
20.97
472.3
4.44%
1.61
41.3
3.91%
4.89
135.3
3.62%
1.98
57.7
3.42%
Sorbic International Plc
0.12
3.6
3.25%
Polo Resources Ltd
0.88
29.1
3.04%
12.03
402.5
2.99%
Camkids Group Plc
1.27
43.7
2.90%
Geong International Ltd
0.04
1.2
2.86%
Vinaland Ltd
4.47
158.5
2.82%
MOST TRADED BY VALUE - June
3.50
0.00
MOST TRADED BY % OF MKT CAP - June
50-100
>100
company
Trading Value M
Market Cap m
VALUE/MKT CAP
20.97
472.3
4.44%
20.23
94.4
21.43%
PureCircle Ltd
18.85
997.4
1.89%
12.03
402.5
2.99%
4.89
135.3
3.62%
Vinaland Ltd
4.47
158.5
2.82%
3.49
143.9
2.42%
1.98
57.7
3.42%
1.79
249.6
0.72%
1.61
41.3
3.91%
1.55
800.9
0.19%
1.41
172.5
0.81%
Allenby capital OVERVIEw
21
Allenby Capital an AIM nomad & broker with an international client base
UNITED KINGDOM
Kodal Minerals
RUSSIA
Denmark
Mining (Phosphate)
Nordic Energy**
Oil and Gas
Urals Energy
Oil & Gas
Cleantech
AFH Financial Group
Asset Managers
Arria NLG
Software
ISRAEL
Biome Technologies*
Chemicals
MTI Wireless Edge
Technology
Boxhill Technologies
Gaming
Servision
CCTV Security Systems
Cellcast
Media
Cientifica
Investment Company
DUBAI
Cyan Holdings
Technology
Tejoori
Fulham Shore***
Consumer
Discretionary
HONG KONG / CHINA
Hunter Resources
Investment Company
(Nat. Res.)
Camkids
Retail
Manroy
Aerospace & Defence
Global Lock
Security
LED Int. Holdings
Technology
Metal Tiger
Investment Company
(Nat. Res.)
MoneySwap
FX Payment systems
Palace Capital
Commercial Property
Papa Entertainment***
Media &
Entertainment
Paragon Resources
Investment Company
Plastics Capital*
Chemicals
Reach4Entertainment*
22
Norway
AFC Energy
Myanmar
Myanmar Int.
Investments
Entertainment
Recruitment
SyQic
Technology
Totally
Software
Trafalgar New Homes
Construction
Tricor
Investment Company
Vela Technologies
Investment Company
Xplorer****
Oil & Gas
Investment Company
MALAYSIA
Media &
RTC Group
Investment Company
Macromac
Technology
Medilink Global UK
Support Services
MobilityOne
Support Services
RapidCloud Int.
Cloud Computing
Resource Holding
Management
NORTH AMERICA
Mozambique
Atlantic Coal
Natural Resources (Coal)
Iofina*
Chemicals
Rose Petroleum
Oil & Gas
Sefton Resources
Oil & Gas
Strategic Minerals
Mining (Iron Ore)
SOUTH EAST ASIA
TyraTech*
Speciality Chemicals
AAA
* Broker only client ** ISDX Broker *** ISDX Advisor & Broker **** Main Market listed Research Only
International Media
Baobab Resources*
Mining (Iron Ore/Pig

Iron)
INDIA
DQ Entertainment
Media
Mortice
Security
Investment Company
Allenby capital Contact details
23
]]
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Corporate Finance
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Research
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Corporate Development
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Corporate Finance
0203-002-2076
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Corporate Finance
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Receptionist
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24
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AIM ASIA - h1 2014

Information sourced from London Stock Exchange and Allenby Capital

AIM ASIA H1 2014 Overview

AIM ASIA H1 2014 Admissions

AIM ASIA H1 2014 Secondary Fundraisings

AIM ASIA Share Price Performance

AIM ASIA Trading Volumes

Allenby Capital Overview

Information sourced from London Stock Exchange and Allenby Capital

AIM ASIA H1 2014 Overview

Information sourced from London Stock Exchange and Allenby Capital

a Reverse Takeover and one by way of

The H1 2014 new joiners each come

There were five Secondary placings carried

3 chose to delist after no longer seeing

1 was the subject of a reverse takeover

1 fell into administration

OF AIMS 1,104 CONSTITUENTS, 81 HAVE THEIR MAIN OPERATIONS IN ASIA

South Korea (3)

Hong Kong (1)

Information sourced from London Stock Exchange and Allenby Capital

ANALYSIS OF AIM ASIAS 81 COMPANIES

The market cap range of AIM Asias

Diverse sector presence

Mkt Cap (m) Country

LARGE NUMBER OF <50m COMPANIES

Oil & Gas; 7

Equity Investment Instruments; 7

AIM ASIAs Largest Members

Market Cap (m)

AIM ASIAS 81 COMPANIES

2014 Price Performance

Alternative Energy Ltd

Renewable Energy Equipment

Nova Resources Ltd

Jun 22, 2012

Global Market Group Ltd

Aug 17, 2006

Green Dragon Gas Ltd

Oil & Gas

Integrated Oil & Gas

May 19, 2006

Hutchison China MediTech Ltd

Bodisen Biotech Inc

Oct 22, 2004

Metals Exploration Plc

Oct 23, 2006

LED International Holdings Plc

Jun 20, 2014

Zibao Metals Recycling Holdings Plc

Nov 18, 2008

Jun 28, 2012

New Trend Lifestyle Group Plc

Jun 15, 2006

Vietnam Holding Ltd

Equity Investment Instruments

Feb 19, 2014

Adamas Finance Asia Ltd

Oct 16, 2013

China Rerun Chemical Group Ltd

Sep 30, 2010

Central Asia Metals Plc

Vietnam Infrastructure Ltd