Aims Research

1 Information sourced from London Stock Exchange and Allenby Capital

AIM ASIA - h1 2014

Allenby Capital Limited is authorised and regulated by the Financial Conduct Authority

(register no. 489795) and a member of the London Stock Exchange and ISDX Growth Market


]] AIM ASIA H1 2014 Overview 3

]] AIM ASIA H1 2014 Admissions 9

]] AIM ASIA H1 2014 Secondary Fundraisings 14

]] AIM ASIA Share Price Performance 17

]] AIM ASIA Trading Volumes 19

]] Allenby Capital Overview 21

ContentS


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)

Vietnam (4)

South Korea (3)

Indonesia (3)

Singapore (6)

China (43)

Mongolia (3)

Malaysia (12)

Myanmar (2)

Hong Kong (1)

Japan (1)

Philippines (3)


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

AIM ASIAS LARgeSt MeMbeRS

LARge nUMbeR oF

Num

ber o

f com

pani

es

Market Cap (m)

CoMPany MKt CaP (M) Country SuB SeCtorPureCircle Ltd 996.57 Malaysia Food Products

Green Dragon Gas Ltd 697.35 China Integrated oil & GasVinacapital Vietnam opportunity Fund Ltd 616.13 Vietnam equity Investment Instruments

Hutchison China Meditech Ltd 542.19 China PharmaceuticalsM.P. evans Group Plc 264.03 Indonesia Farming & Fishing

Vinaland Ltd 246.39 Vietnam real estate Holding & DevelopmentPacific alliance China Land Ltd 227.70 China real estate Holding & Development

Central asia Metals Plc 187.04 Mongolia General MiningVietnam Infrastructure Ltd 156.69 Vietnam equity Investment InstrumentsFusionex International Plc 154.80 Malaysia Softwareasian Citrus Holdings Ltd 153.08 China Food Products

Pacific alliance asia opportunity Fund Ltd 149.93 China equity Investment InstrumentsWeiss Korea opportunity Fund Ltd 146.47 South Korea equity Investment Instruments

JQW Plc 145.16 China Specialized Consumer Servicesadamas Finance asia Ltd 143.96 China Specialty Finance


AIM ASIAS 81 CoMPAnIeS

List date Company name Sector Sub SectorCountry 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 Green Dragon Gas Ltd oil & Gas Integrated oil & Gas China 697.35 80.0%

May 19, 2006 Hutchison China Meditech Ltd 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 equity Investment Instruments 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 Vietnam Infrastructure Ltd Financials equity Investment Instruments Vietnam 156.69 18.4%

May 14, 2013 Weiss Korea opportunity Fund Ltd Financials equity Investment Instruments South Korea 146.47 15.3%

Sep 30, 2003 Vinacapital Vietnam opportunity Fund Ltd Financials equity Investment Instruments Vietnam 616.13 15.0%

Mar 22, 2006 Vinaland Ltd real estate real estate Holding & Development Vietnam 246.39 14.9%

Sep 21, 2006 Pacific alliance asia opportunity Fund Ltd Financials equity Investment Instruments 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 electronic equipment 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...




Dec 11, 2007 PureCircle Ltd Consumer Goods Food Products Malaysia 996.57 3.0%

nov 22, 2007 Pacific alliance China Land Ltd real estate real estate Holding & Development 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 M.P. evans Group Plc 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 equity Investment Instruments 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 equity Investment Instruments 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 real estate Holding & Development 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 exploration & Production Mongolia 8.03 -23.2%

Jul 2, 2004 rCG Holdings Ltd Industrials electronic equipment China 16.29 -23.5%

aug 3, 2005 asian Citrus Holdings Ltd 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 equity Investment Instruments China 0.63 -30.8%



AIM ASIAS 81 CoMPAnIeS Continued...




aug 14, 2013 rapidCloud International Plc technology Computer Services Malaysia 10.81 -30.8%

aug 2, 2005 Forum energy Plc oil & Gas exploration & Production Philippines 20.26 -30.9%

Mar 31, 2011 top Creation Investments Ltd real estate real estate Holding & Development 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 exploration & Production 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 renewable energy equipment 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 exploration & Production China 1.18 -88.2%

aVeraGe: -5.7%

MeDIan: -6.3%


9AIM ASIA H1 2014 Admissions


4 ADMISSIonS to AIM In H1 2014 FRoM tHe ASIA RegIon

Listing Date

Company Sub Sector Issue type DescriptionCountry of operation

Money raised (m)

Market Value (m) at IPo/admission

Issue price

Price as of

08/08/14

Performance since IPo

Jan 23, 2014 Leyshon energy Plc

exploration & Production 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%

Feb 19, 2014

adamas Finance asia Ltd

Specialty Finance

re-admission & Placing

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 interests in four privately owned companies based in China. the investments are 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%

May 12, 2014 Galasys Plc Software IPo & Placing

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, 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%

Jun 20, 2014

Zibao Metals recycling Holdings

Plc

nonferrous Metals IPo & Placing

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 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%



AIM ASIA PeRFoRMAnCe ReVIeW oF 2013 ADMISSIonS

Listing Date


Money raised (m)


Issue price

Price as of

08/08/14


May 2, 2013 all asia asset Capital LtdInvestment

Services IPo & Placing

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 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 3 20 567%

Sep 20, 2013 Macromac Plc

telecoms & Software IPo & Placing

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 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%

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 0 20.48 na 10 100%

oct 16, 2013

China rerun Chemical Group Ltd

Specialty Chemicals IPo & Placing

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 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%



AIM ASIA PeRFoRMAnCe ReVIeW oF 2013 ADMISSIonS Continued...

Listing Date


Money raised (m)


Issue price

Price as of

08/08/14


May 14, 2013

Weiss Korea opportunity Fund

Ltd

equity Investment Instruments

IPo & Placing

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 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%

aug 14, 2013

rapidCloud International Plc

Computer Services IPo & Placing

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 Infrastructure-as-a-Service). rapidCloud was founded in 1999, and now caters to over 36,000 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 1 9.38 54 58.5 8%

Dec 9, 2013 JQW Plc Specialized Consumer Services

IPo & Placing

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 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%



AIM ASIA PeRFoRMAnCe ReVIeW oF 2013 ADMISSIonS Continued...

Listing Date


Money raised (m)


Issue price

Price as of

08/08/14


Jun 27, 2013

Myanmar Investments

International Ltd

Specialty Finance IPo & Placing

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 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%

Mar 26, 2013

Graphene nanoChem Plc

alternative energy

re-admission & Placing

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 nanomaterials. Its range of products are 'green', having been produced from 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%

nov 7, 2013 Gowin new energy Group Ltd

Durable Household Products

IPo & Placing

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 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 7 2.75 -61%

total 154.78 average 78%

Median 24%


14

AIM ASIA H1 2014 Secondary fundraisings


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.

AIM ASIA H1 2014 Secondary fundraisings Overview

H1 2014 FURtHeR ISSUeS bY SeCtoR

Alternative Energy; 7.9%

Financials; 13.2%

Mining; 73.6%

Real Estate; 5.3%

FURtHeR ISSUeS oVeR PASt 3.5 YeARS

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

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7

8

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Jan

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Mar

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May

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Jun

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Nov

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Dec

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Jan

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Jun

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5 SeConDARY FUnDRAISIngS bY ASIAn bASeD AIM CoMPAnIeS In H1 2014

Date Company Sector Sub Sector Country of operationMoney 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 Zincox resources Plc Mining General Mining South Korea 1.03 10.00 23.8%

apr 10, 2014 alternative energy Plc alternative energy renewable energy equipment Singapore 0.33 0.30 316.7%

apr 11, 2014 top Creation Investments Ltd real estate real estate Holding & Development Malaysia 0.22 0.25 52.0%

apr 25, 2014 Zincox resources Plc Mining General Mining South Korea 2.04 10.00 23.8%

total total 4.18 average 84%

Median 24%


17

AIM ASIA H1 2014 Share price performance

18

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%.

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Information sourced from London stock exchange, allenby Capital, Share price performance as of 20 Jan 2014.

AIM ASIA H1 2014 Share price performance overview

toP 8 & bottoM 8 - h1 2014 PERFORMANCE

19

AIM ASIA H1 2014 Trading volumes


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.

AIM ASIA H1 2014 Trading volumes overview

LIQUIDItY FoR DIFFeRent MARKet CAP gRoUPIngS

MoSt tRADeD bY % oF MKt CAP - June

MoSt tRADeD bY VALUe - June

CoMPany traDInG VaLue M MarKet CaP M VaLue/MKt CaP

Vietnam Infrastructure Ltd 20.23 94.4 21.43%

Leyshon energy Plc 1.07 11.5 9.24%

Hutchison China Meditech Ltd 20.97 472.3 4.44%

naibu Global International Company Plc 1.61 41.3 3.91%

Pacific alliance China Land Ltd 4.89 135.3 3.62%

Graphene nanochem Plc 1.98 57.7 3.42%

Sorbic International Plc 0.12 3.6 3.25%

Polo resources Ltd 0.88 29.1 3.04%

Vinacapital Vietnam opportunity Fund Ltd 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%

CoMPany traDInG VaLue M MarKet CaP M VaLue/MKt CaP

Hutchison China Meditech Ltd 20.97 472.3 4.44%

Vietnam Infrastructure Ltd 20.23 94.4 21.43%

PureCircle Ltd 18.85 997.4 1.89%

Vinacapital Vietnam opportunity Fund Ltd 12.03 402.5 2.99%

Pacific alliance China Land Ltd 4.89 135.3 3.62%

Vinaland Ltd 4.47 158.5 2.82%

Weiss Korea opportunity Fund Ltd 3.49 143.9 2.42%

Graphene nanochem Plc 1.98 57.7 3.42%

M.P. evans Group Plc 1.79 249.6 0.72%

naibu Global International Company Plc 1.61 41.3 3.91%

Green Dragon Gas Ltd 1.55 800.9 0.19%

asian Citrus Holdings Ltd 1.41 172.5 0.81%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

0-2 2-5 5-10 10-25 25-50 50-100 >100

% M

kt C

ap tr

aded

per

mon

th

Market Cap (m)

21

ALLenbY CAPItAL oVeRVIeW

22

ALLenbY CAPItAL an AIM nomad & broker with an international client base

* Broker only client ** ISDX Broker *** ISDX advisor & Broker **** Main Market listed research only Information sourced from London Stock exchange and allenby Capital

norWay

Kodal Minerals Mining (Phosphate)

nortH aMerICa

atlantic Coal natural resources (Coal)

Iofina* Chemicals

rose Petroleum oil & Gas

Sefton resources oil & Gas

Strategic Minerals Mining (Iron ore)

tyratech* Speciality Chemicals

ruSSIa

urals energy oil & Gas

DuBaI

tejoori Investment Company

MyanMar

Myanmar Int. Investments

Investment Company

SoutH eaSt aSIa

aaa Investment Company

HonG KonG / CHIna

Camkids retail

Global Lock Security

LeD Int. Holdings technology

MoneySwap FX Payment systems

MaLaySIa

Macromac technology

Medilink Global uK Support Services

Mobilityone Support Services

rapidCloud Int. Cloud Computing

resource Holding

ManagementInternational Media

ISraeL

MtI Wireless edge technology

Servision CCtV Security Systems

MoZaMBIQue

Baobab resources* Mining (Iron ore/Pig Iron)

InDIa

DQ entertainment Media

Mortice Security

unIteD KInGDoM

aFC energy Cleantech

aFH Financial Group asset Managers

arria nLG Software

Biome technologies* Chemicals

Boxhill technologies Gaming

Cellcast Media

Cientifica Investment Company

Cyan Holdings technology

Fulham Shore*** Consumer Discretionary

Hunter resourcesInvestment Company (nat. res.)

Manroy aerospace & Defence

Metal tiger Investment Company (nat. res.)

Palace Capital Commercial Property

Papa entertainment***Media & entertainment

Paragon resources Investment Company

Plastics Capital* Chemicals

reach4entertainment*Media &

entertainment

rtC Group recruitment

SyQic technology

totally Software

trafalgar new Homes Construction

tricor Investment Company

Vela technologies Investment Company

Xplorer**** oil & Gas

DenMarK

nordic energy** oil and Gas


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This document is for information purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned in it. It or any part of it do not form the basis of and should not be relied upon in connection with any contract. Allenby Capital Limited shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only and only for distribution to professional and institutional investors, i.e. persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom, or persons who have been categorised as professional customers or eligible counterparties under the rules of the FSA. It is not intended for retail customers.Allenby Capital Limited uses reasonable efforts to obtain information from sources which it believes to be reliable but the contents of this document have been

prepared without any substantive analysis being undertaken into the companies concerned or their securities and it has not been independently verified. No representation or warranty, either express or implied, is made nor responsibility of any kind is accepted by Allenby Capital Limited, its directors or employees either as to the accuracy or completeness of any information stated in this document.

Opinions expressed are our current opinions as of the date appearing on this material only. The information and opinions are provided for the benefit of Allenby Capital Limited clients as at the date of this document and are subject to change without notice. This document is being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. The material in this document is not intended for distribution or use outside the European Economic Area. This material is not directed at you if Allenby Capital Limited is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you and persons into whose possession this material comes should inform themselves about, and observe, any such restrictions.

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