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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

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Information sourced from London Stock Exchange and Allenby Capital

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AIM ASIA H1 2014 Overview

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AIM ASIA H1 2014 Admissions

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AIM ASIA H1 2014 Secondary Fundraisings

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AIM ASIA Share Price Performance

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AIM ASIA Trading Volumes

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Allenby Capital Overview

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Information sourced from London Stock Exchange and Allenby Capital

2m).L. Two of these joined by way of an IPO.104 AIM constituents as at end June. Technology and Basic Materials sectors. £10.L. The term ‘Asia’ in this report refers specifically to the nations listed on the following page: besides the ten ASEAN members. £144.2m. Leyshon Resources Ltd (LRL. £1. £7. all four of these have their central operations based in China. There were five Secondary placings carried out by Asian based companies in H1 2014 that raised a total of £4. Six Asian based companies left the market in H1 2014. The largest of the new joiners in terms of market capitalisation by a significant margin was Adamas Finance Asia Ltd (ADAM. In H1 2014.8m and £15. The H1 2014 new joiners each come from different sectors. one by way of 3 Information sourced from London Stock Exchange and Allenby Capital a Reverse Takeover and one by way of an Introduction (IPO with no fundraise). The net movement of Asian based AIM constituents in the six months since end 2013 has been -3. 81 (or 7. Although Oil & Gas play Leyshon Energy Plc (LEN. 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 . it was injected with substantial funds prior to its spin out from AIM listed ‘mother’ company. Interestingly. and South Korea having gained a constituent. Hong Kong and Mongolia. namely the Oil & Gas.8m respectively. Financials.5m was raised by the four companies in total. Hong Kong.3m) did not raise funds upon admission to AIM. there were four new joiners to AIM from the Asia region. The average and median market capitalisations of the new joiners were £26.0m). Japan. with the numbers of companies operating in China.AIM ASIA H1 2014 Overview Of the 1. we have included China.3%) have their central operations based in Asia. South Korea.L. Mongolia and Thailand each reducing by one.

OF AIM’S 1. 81 HAVE THEIR MAIN OPERATIONS IN ASIA Location of main operations (number of companies) Mongolia (3) China (43) 4 Japan (1) Myanmar (2) South Korea (3) Vietnam (4) Hong Kong (1) Singapore (6) Philippines (3) Indonesia (3) Malaysia (12) Information sourced from London Stock Exchange and Allenby Capital .104 CONSTITUENTS.

19 China Pharmaceuticals 264.35 China Integrated Oil & Gas 616. Natural Resources (Oil & Gas and Mining stocks) with fifteen (or 18.ANALYSIS OF AIM ASIA’S 81 COMPANIES AIM’s Asian based companies are spread across a broad range of sectors.P. and Industrials with thirteen (or 16. 11 Oil & Gas. 7 Company PureCircle Ltd Green Dragon Gas Ltd Vinacapital Vietnam Opportunity Fund Ltd Hutchison China MediTech Ltd M. The average market cap is £79.70 China Real Estate Holding & Development 187.6% over the period. Diverse sector presence Technology. The market cap range of AIM Asia’s constituents is broad. The eleven constituents operating in the Consumer Goods sector on average declined by 21. 5 Mining. 3 Consumer Goods. 13 5 AIM ASIA’s Largest Members 0-2 2-5 5-10 10-25 25-50 Market Cap (£m) 50-100 100-250 250-500 500 > . 7 Consumer Services. 8 14 14 14 Number of companies Real Estate. 2 Information sourced from London Stock Exchange and Allenby Capital Equity Investment Instruments. 4 16 Basic Materials.03 Indonesia Farming & Fishing 246.57 Malaysia Food Products 697. 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 996.16 China Specialized Consumer Services 143.0%).5%. 9 Health Care.04 Mongolia General Mining 156.0m on the AIM market as a whole.2m compared to £71.80 Malaysia Software 153. whilst the five constituents in the Consumer Services sector increased by an average of 22.5%). Natural Resources stocks decreased by an average of 13.93 China Equity Investment Instruments 146.8%).08 China Food Products 149. 7 1 2 0 Industrials.96 China Specialty Finance LARGE NUMBER OF <£50m COMPANIES Alternative Energy. 5 12 11 10 11 10 10 8 6 6 4 4 Financials.69 Vietnam Equity Investment Instruments 154.39 Vietnam Real Estate Holding & Development 227. The most represented sectors are Financials (including Equity Investment Instruments) with sixteen (or 19.0%.13 Vietnam Equity Investment Instruments 542.47 South Korea Equity Investment Instruments 145.

96 21.04 18.0% Prices as of 08/08/2014 6 Information sourced from London Stock Exchange and Allenby Capital . 2005 Univision Engineering Ltd Industrials Electronic Equipment China 2.99 90. 2006 Pacific Alliance Asia Opportunity Fund Ltd Financials Equity Investment Instruments China 149.00 23.3% Jan 9.3% Jun 20.36 10.93 14.19 66.81 45.37 6.97 4.0% May 19.7% Feb 10.13 15.69 18.6% Jun 15. 2013 Weiss Korea Opportunity Fund Ltd Financials Equity Investment Instruments South Korea 146. 2006 Vinaland Ltd Real Estate Real Estate Holding & Development Vietnam 246. 2008 Medilink-Global UK Ltd Industrials Financial Administration Malaysia 3. 2004 Metals Exploration Plc Mining General Mining Philippines 101.6% Dec 14.12 98. 2006 Tinci Holdings Ltd Industrials Industrial Machinery China 2.39 14.0% Sep 30.31 12.37 28. 2014 Zibao Metals Recycling Holdings Plc Basic Materials Nonferrous Metals China 9. 2012 New Trend Lifestyle Group Plc Consumer Services Specialty Retailers Singapore 7.0% Mar 22.97 31. 2010 Alternative Energy Ltd Alternative Energy Renewable Energy Equipment Singapore 29. 2014 Adamas Finance Asia Ltd Financials Specialty Finance China 143.78 30. 2010 Central Asia Metals Plc Mining General Mining Mongolia 187.4% May 14. 2009 Asian Plantations Ltd Consumer Goods Farming & Fishing Singapore 99. 2003 Vinacapital Vietnam Opportunity Fund Ltd Financials Equity Investment Instruments Vietnam 616.29 4.8% Nov 30.34 26. 2006 LED International Holdings Plc Industrials Electronic Equipment China 4.5% Aug 17. 2007 NetDimensions (Holdings) Ltd Technology Software China 26. 2013 Greka Engineering & Technology Ltd Industrials Business Support Services China 12.47 15.0% Jun 28.0% Oct 22.29 50.1% Jun 22.AIM ASIA’S 81 COMPANIES List date Company Name Sector Sub Sector Country of Operation Market capitalisation (£m) 2014 Price Performance (%) Jun 2.3% Sep 30. 2012 Nova Resources Ltd Financials Specialty Finance South Korea 4.09 108.4% Feb 6. 2006 Hutchison China MediTech Ltd Health Care Pharmaceuticals China 542.4% Feb 19.52 11. 2013 China Rerun Chemical Group Ltd Basic Materials Specialty Chemicals China 40. 1997 Griffin Mining Ltd Mining General Mining China 67.5% Sep 30.6% May 2.0% Oct 16.9% Sep 21. 2006 Green Dragon Gas Ltd Oil & Gas Integrated Oil & Gas China 697.2% Nov 9.09 6. 2007 Vietnam Infrastructure Ltd Financials Equity Investment Instruments Vietnam 156.93 18. 2012 Global Market Group Ltd Consumer Services Media Agencies China 55.40 47.3% Nov 18.70 8. 2012 Vmoto Ltd Consumer Goods Recreational Products China 29. 2006 Vietnam Holding Ltd Financials Equity Investment Instruments Vietnam 98.3% Dec 16.35 80.4% Jul 31. 2009 Origo Partners Plc Financials Specialty Finance China 28.8% Jun 30.4% Oct 23. 2006 Bodisen Biotech Inc Basic Materials Specialty Chemicals China 1.4% Jul 5. 2009 Yujin International Ltd Industrials Marine Transportation Singapore 5.

2012 Lead All Investments Plc Financials Specialty Finance Malaysia 1. 2007 Capital Lease Aviation Plc Industrials Transportation Services Singapore 16.03 0. 2011 Qihang Equipment Co Ltd Industrials Industrial Machinery China 3.8% Prices as of 08/08/2014 7 Information sourced from London Stock Exchange and Allenby Capital .03 -23.6% May 2.63 -30.82 -8.3% Jun 27. 2012 China Chaintek United Co Ltd Industrials Transportation Services China 56.4% Dec 13.87 -6.2% Oct 13.98 -13.90 -17. 2001 ZincOx Resources Plc Mining General Mining South Korea 20.08 -25.8% Apr 15. 2013 All Asia Asset Capital Ltd Financials Specialty Finance Myanmar 39. 2008 Sorbic International Plc Consumer Goods Food Products China 3.23 1.77 -9.9% Oct 12.57 3.1% Aug 20.62 0. List date Company Name Sector Sub Sector Country of Operation Market capitalisation (£m) 2014 Price Performance (%) Dec 11. 2010 Global Lock Safety Group Plc Industrials Business Support Services China 7.3% Mar 15. 2010 CSF Group Plc Technology Computer Services Malaysia 6. 2008 Petro Matad Ltd Oil & Gas Exploration & Production Mongolia 8.9% Dec 14. 2006 Taihua Plc Health Care Biotechnology China 2.7% Jun 26.3% Feb 8.AIM ASIA’S 81 COMPANIES Continued.4% Mar 22. 2007 Pacific Alliance China Land Ltd Real Estate Real Estate Holding & Development China 227. 2005 Asian Citrus Holdings Ltd Consumer Goods Food Products China 153.07 -3. Evans Group Plc Consumer Goods Farming & Fishing Indonesia 264. 2012 Fusionex International Plc Technology Software Malaysia 154.4% Oct 28.58 -10.5% Apr 1.80 -6. 2014 Galasys Plc Technology Software China 12..29 -23. 2010 Copper Development Corp Mining Nonferrous Metals Philippines 0. 2006 China Growth Opportunities Ltd Financials Equity Investment Instruments China 0.16 1.0% Nov 22.5% Aug 3.21 -28. 2008 Resource Holding Management Ltd Consumer Services Media Agencies Malaysia 7.5% May 1.95 -3.20 -20.2% Sep 30.33 -11. 2006 Asian Growth Properties Ltd Real Estate Real Estate Holding & Development China 141. 2004 RCG Holdings Ltd Industrials Electronic Equipment China 16.5% Dec 9.70 2.81 0. 2007 Haike Chemical Group Ltd Oil & Gas Exploration & Production China 8.77 -30.2% Jul 2. 2005 Churchill Mining Plc Mining Coal Indonesia 27. 2006 Japan Residential Investment Company Ltd Real Estate Equity Investment Instruments Japan 121.0% Feb 14. 2007 PureCircle Ltd Consumer Goods Food Products Malaysia 996.1% Dec 10.7% Oct 5.48 -7. 2006 Arc Capital Holdings Ltd Financials Equity Investment Instruments China 112..8% Sep 6.98 -13.2% Dec 14.45 -17. 2002 M.05 -2. 2013 JQW Plc Consumer Services Specialized Consumer Services China 145.65 -4. 2013 Myanmar Investments International Ltd Financials Specialty Finance Myanmar 6. 2010 Asia Ceramics Holdings Plc Consumer Services Home Improvement Retailers China 5.0% May 12.9% Sep 26.3% Dec 18.P.

2012 Camkids Group Plc Consumer Goods Clothing & Accessories China 39. 2012 Naibu Global International Company Plc Consumer Goods Footwear China 24.7% Dec 10.8% Aug 2.7% MEDIAN: -6. 2010 Leyshon Resources Ltd Oil & Gas Exploration & Production China 1.82 -32.3% Prices as of 08/08/2014 8 Information sourced from London Stock Exchange and Allenby Capital .4% Jun 23.90 -43.7% Apr 5.18 -88. 2013 RapidCloud International Plc Technology Computer Services Malaysia 10.9% Dec 21..8% Jul 5.3% Dec 31.09 -46. 2007 China Food Company Plc Consumer Goods Food Products China 3. 2010 Northwest Investment Group Ltd Financials Specialty Finance China 2.7% Jun 9.9% Dec 24.2% AVERAGE: -5.66 -60. List date Company Name Sector Sub Sector Country of Operation Market capitalisation (£m) 2014 Price Performance (%) Aug 14.73 -51.59 -56. 2013 Graphene Nanochem Plc Alternative Energy Alternative Fuels Malaysia 65.70 -39.7% Sep 20. 2005 Forum Energy Plc Oil & Gas Exploration & Production Philippines 20.5% Apr 2.0% Mar 4.1% Mar 26. 2007 Mobilityone Plc Industrials Financial Administration Malaysia 1. 2008 Polo Resources Ltd Financials Specialty Finance Mongolia 36.03 -47. 2011 China New Energy Ltd Alternative Energy Alternative Fuels China 4. 2011 MoneySwap Plc Financials Consumer Finance Hong Kong 2.58 -35. 2012 Auhua Clean Energy Plc Alternative Energy Renewable Energy Equipment China 21.AIM ASIA’S 81 COMPANIES Continued.98 -59.26 -48. 2006 Geong International Ltd Technology Software China 1.71 -69. 2013 Macromac Plc Technology Telecoms & Software Malaysia 21. 2011 Greka Drilling Ltd Oil & Gas Oil Equipment & Services China 39. 2006 Walcom Group Ltd Consumer Goods Food Products China 1.7% Dec 10.89 -30. 2014 Leyshon Energy Plc Oil & Gas Exploration & Production China 10.9% Mar 8.9% Aug 31.93 -38.8% Dec 13. 2005 Peninsular Gold Ltd Mining Gold Mining Malaysia 3. 2006 Kalimantan Gold Corporation Ltd Mining General Mining Indonesia 1. 2013 Gowin New Energy Group Ltd Consumer Goods Durable Household Products China 9.3% Nov 7.29 -37.00 -40.2% May 23. 2004 AEC Education Plc Industrials Business Training & Employment Agencies Singapore 1.6% Jan 23.51 -56.20 -41. 2011 Top Creation Investments Ltd Real Estate Real Estate Holding & Development Malaysia 2..18 -49.26 -30.81 -30.84 -40.9% Mar 31.6% Jun 23.

AIM ASIA H1 2014 Admissions 9 .

30 7.3m. The Company was founded in 2009: in the year to March 2013. 2014 Feb 19.63 4.49 Average 1% Median 6% Sub Sector Exploration & Production Prices as of 08/08/2014 10 Information sourced from London Stock Exchange and Allenby Capital .53 6. also took $35m of cash reserves in the transaction. China 3. principally aluminium and copper.13 -38% Specialty Finance In February.for example. China 0. The Company already operates at over 60 sites in China and Malaysia. In FY 2013. announced that it was spinning out its energy assets as a separate AIM listed vehicle. another operates a magnesium limestone mine.00 10.90 0.97 22. China 3.4 ADMISSIONS TO AIM IN H1 2014 FROM THE ASIA REGION Listing Date Jan 23.78 8.75 25% Software Galasys is a leading provider of end-to-end ticketing systems and solutions to the theme park industry in Asia.60 0.9m. The investments are & Placing across a range of sectors .50 -13% Nonferrous Metals Zibao is a trader of non-ferrous metals. located on the eastern fringe of the Ordos Basin in central China.50 19. covering an area of 705 square kilometres. 2014 Company Leyshon Energy Plc Adamas Finance Asia Ltd May 12. IPO & Placing considering that Asia is the fastest growing market for theme parks.12 14.07 67. A key competitive advantage for Galasys is its long standing relationships with China's two largest Amusement Park operators. and anticipates strong growth in the coming years. 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. Leyshon Energy. CPEH renamed itself as Adamas Finance Asia Ltd on completion of the reverse takeover deal. the natural resources focussed company operating in China. Over 60% of Group revenues are recurring. China 1. the Group recorded a net profit of £1. 2014 Jun 20. one of the Chinese companies operates in the pharmaceuticals sector. All four investee companies are seeking IPOs in the near term. Leyshon Energy's core asset is its current 100% working interest in the Zijinshan Gas Project.7m on revenues of HK$135. 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 new entity. It imports metals from a variety of international sources and resells them to processors the People’s Republic of China: these processors then resell the IPO & Placing product in ‘clean’ form to metal foundries. 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. it booked PBT of HK$14.25 28% Total 7.00 16. The funds raised are to be used to facilitate potential acquisitions and to secure a stronger source of supply and an enhanced margin.

forestry and plantations.18 25. natural resources. procurement. instead allowing for investments in the IPO & Placing following industries: agriculture. China Rerun booked a pre tax profit of RMB19.58 10 16 60% Oct 16. The Company was formed by way of a demerger dividend paid to all holders of Greka’s former parent company Green Dragon Gas Ltd.AIM ASIA PERFORMANCE REVIEW OF 2013 ADMISSIONS Listing Date May 2. Myanmar 3.48 10. itself listed on AIM.58m. 2013 Macromac Plc Telecoms & Software Sep 30. 2013 Greka Engineering & Technology Ltd Business Support Services Introduction Greka Engineering & Technology Ltd. Malaysia 0. The Company's operations are based in Daging. including in power plant development. The IPO & Placing product range currently consists of 29 types of lubricant. the Group has invested solely in projects located within Myanmar.57 5. China 0 20. which come in a variety of different grades and volume (range of products stands at 109 different items in total).44m on revenues of RMB122.97 3 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. 2013 China Rerun Chemical Group Ltd Prices as of 20/01/2014 11 Issue type Information sourced from London Stock Exchange and Allenby Capital . 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. industrial and agricultural markets. hospitality and entertainment businesses. China 0. Management has not limited its investment mandate to a narrow range of sectors. (“Greka”) provides engineering. Products are sold through a network of third party distributors that operate across 13 provinces and 2 municipalities across China. Whilst historically focused purely on the Malaysian market the Company is pushing into new regions such as Thailand and Indonesia. To date. construction and management services for infrastructure projects in the unconventional gas sector in China.08 10 21. 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).48 na 10 100% Specialty Chemicals China Rerun Chemical Group produces range of lubricants for China's domestic automotive.5 115% Sub Sector Description Sep 20. property and technology. However. In the half year to February 2013. north-eastern China.

The Cloud Computing industry in the Asia Pacific region as a whole has been forecast to grow at a CAGR of 49.38 54 58. Management also intends to establish a financial and trading platform. government agencies and other large scale enterprises. BAE Systems and Canon. 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. Management also believes that it IPO & Placing operates the first dedicated B2B search engine. and also operates in Thailand and the Philippines.. Malaysia 1 9.49m operating in the PRC). 2013 Company Weiss Korea Opportunity Fund Ltd RapidCloud International Plc Dec 9. which is now the second highest ranked B2B e-commerce website (behind only Alibaba).000 IPO & Placing clients. liquidity and weighting in relation to common shares.. Fundamental analysis is to take a back seat in the investment process.AIM ASIA PERFORMANCE REVIEW OF 2013 ADMISSIONS Continued. 9m sets of companies' details. These include discounted prices. The monies raised upon admission are to upgrade the Company's hardware and servers. Platform-as-a-Service and Infrastructureas-a-Service).10m registered users. It is based in Malaysia. China 6. comprised of SMEs. 2013 Aug 14. dividend yield. The Group is unusual in that it offers its services through all three segments of Cloud Computing (Software-as-a-Service. RapidCloud was founded in 1999. WKOF's investment mandate is to primarily invest in preference shares of listed Korean companies. MNCs.7 135. and enjoys 5m page views per day.48 70 75 7% Sub Sector Prices as of 20/01/2014 12 Information sourced from London Stock Exchange and Allenby Capital Issue type Description . The website has c. and now caters to over 36. The funds raised upon flotation are to be used in expanding into new markets in SE Asia.6% over the next three years. Notable customers include Deloitte. 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.5 40% Computer Services RapidCloud is a provider of computing services. and to develop a mobile version of its platform (for iOS and Android). web hosting and web solutoins.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. The Company's core product is its B2B platform. South Korea 105 105 100 139. Listing Date May 14.

following IPO & Placing decades of economic stagnation. With the share price having increased more than 250% in the first two weeks of trading.5 36.AIM ASIA PERFORMANCE REVIEW OF 2013 ADMISSIONS Continued.6 1. coupled IPO & Placing with a pre-IPO fund raising of £1. manufactures and distributes LED lighting products. The funds raised during the RTO process are to be used for increasing production output at the Group's speciality chemicals and nanomaterials plants. Listing Date Jun 27. Having been founded in 2005. 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. 2013 Mar 26. The monies raised upon admission. Malaysia 32. Gowin was able to raise a further £192k via a secondary placing later in November. Based in Malaysia.06 7 2. The parliamentary elected Union Solidarity and Development Party enacted the Foreign Investment Law at the end of last year. the Group is a developer and producer of speciality chemicals and advanced Re-admission nanomaterials. and develops.75 -61% Total 154.26m. taking management positions in investee companies where legally applicable. with the country having at last been opened up to foreign direct investment.15 24. diversified investments in businesses operating in its namesake country. 2013 Nov 7..78 Average 78% Median 24% Sub Sector Prices as of 20/01/2014 13 Information sourced from London Stock Exchange and Allenby Capital Issue type Description . China 1. which is fundamental for the nation’s five year plan of tripling its economy over the period. Its range of products are 'green'.2 4.93 140 56 -60% Durable Household Products Gowin is based in the PRC. are to be used to expand operations throughout China and for working capital purposes. The Company intends to be an active investor..05 1. Myanmar 4. The directors believe that Myanmar is primed for rapid economic growth in the coming years.1 5% Alternative Energy Graphene Nanochem gained its AIM listing through the reverse takeover of Biofutures International Plc by Platinum NanoChem Sdn Bhd. the Group has been profitable in the past two financial years. having been produced from & Placing palm oil derived liquid waste and process residue materials.

AIM ASIA H1 2014 Secondary fundraisings 14 .

0 7 70. ZincOx raised £1. This was accomplished by five placings across the Alternative Energy.5 YEARS Money Raised (£m) 90.04m. natural resources and manufacturing sectors.0 4 40. Financials. located in South Korea.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 0 15 Information sourced from London Stock Exchange and Allenby Capital Money Raised (£m) Number of Transactions 9 .03m via an equity placing. technology.L.0 6 60.2m in H1 2014. the Korean Recycling Plant (‘KRP’).2% FURTHER ISSUES OVER PAST 3. 73.L. £4. Mining and Real Estate sectors. ZincOx Resources Plc (ZOX.0 3 30. Later in April.3% Alternative Energy.1m) is an investment company focused on high growth opportunities in the energy. In April.AIM ASIA H1 2014 Secondary fundraisings Overview Total funds raised by AIM’s Asian based companies via Secondary placings amounted to £4. 7. 13. the Company implemented an Open Offer to existing shareholders that raised a further £2. Nova Resources Ltd (NOVA. infrastructure.6% Financials.9% Mining.0 5 50. a company that builds and manages renewable energy plants in South Korea.0 1 10.6m) is the developer of Asia’s largest zinc recycling project.0 2 20. Enersty’s first plant project already supplies heat energy to a major milk producer in South Korea. The proceeds were to be used to make repairs to its refractory and to ramp up production at the recycling plant. H1 2014 FURTHER ISSUES BY SECTOR Real Estate. 5. as part of a larger syndicate the Group invested in Enerstry Group Ltd.0 Number of Transactions 8 80. In January. Nova’s investment primarily comprised a loan of $806k. £20.

00 5.8% Total Total 4.55 1.25 52.04 10.18 Average 84% Median 24% Prices as of 08/08/2014 16 Information sourced from London Stock Exchange and Allenby Capital .03 10. 2014 ZincOx Resources Plc Mining General Mining South Korea 1.33 0.7% Apr 11. 2014 ZincOx Resources Plc Mining General Mining South Korea 2. 2014 Top Creation Investments Ltd Real Estate Real Estate Holding & Development Malaysia 0. 2014 Nova Resources Ltd Financials Speaciality Finance South Korea 0.8% Apr 10.0% Apr 2.30 316.00 23. 2014 Alternative Energy Plc Alternative Energy Renewable Energy Equipment Singapore 0.22 0.0% Apr 25.00 23.5 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.

AIM ASIA H1 2014 Share price performance 17 .

0 98.0 100 91. -88.0 Leyshon Resources Ltd -60.0 China New Energy Ltd -57.0 50 Metals Exploration Plc 66.AIM ASIA H1 2014 Share price performance overview The average share price performance of AIM Asia’s 81 constituents over H1 2014 was -5.H1 2014 PERFORMANCE 150 108.0 Macromac Plc -56. Top 8 & Bottom 8 .6% (median: -6.0 Bodisen Biotech Inc Hutchison China MediTech Ltd Green Dragon Gas Ltd Global Market Group Ltd Nova Resources Ltd -50 Alternative Energy Ltd 0 -69. The best performing sector was the Basic Resources sector: the average share price gain for the three companies operating in this sector was 33.0 % change 47.3%. Share price performance as of 20 Jan 2014.0 Kalimantan Gold Corporation Ltd Mobilityone Plc 45.0 .0 -100 18 Information sourced from London stock exchange. Allenby Capital.0 Peninsular Gold Ltd -52.0 LED International Holdings Plc 50.3%).0 -60.0 Northwest Investment Group Ltd 80.0 Gowin New Energy Group Ltd -50.

AIM ASIA H1 2014 Trading volumes 19 .

12 3.42% Sorbic International Plc 0.June 3. Vietnam Infrastructure Ltd (VNI.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.47 158. ‘fruquintinib’. In June the Group also commenced Phase I trails of an inhibitor of autoimmune diseases.61 41. £21.5 9.97 472.3 4.32% of their market caps in June.82% MOST TRADED BY VALUE .9 0.55 800.91% Pacific Alliance China Land Ltd 4.7 3.50 0-2 2-5 5-10 10-25 Market Cap (£m) 20 Information sourced from London Stock Exchange and Allenby Capital 25-50 company Trading Value £M Market Cap £m VALUE/MKT CAP Vietnam Infrastructure Ltd 20.99% Pacific Alliance China Land Ltd 4.4% of the Company’s market cap at month end – exchanged hands as Singapore sovereign wealth fund Temasek disposed of its holding in the Company.43% Leyshon Energy Plc 1.49 143. £20.3 3.3 3.3m). LIQUIDITY FOR DIFFERENT MARKET CAP GROUPINGS % Mkt Cap traded per month 3. This was below the average for the wider AIM market (average liquidity across all AIM constituents in June amounted to 3.2 2.81% .62% Graphene Nanochem Plc 1.4 21.04 1.6 0.0m 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. AIM Asia’s most traded stock by value was Hutchison China Meditech Ltd (HCM.9 2.L.1 3.07 11.24% Hutchison China MediTech Ltd 20.72% Naibu Global International Company Plc 1.89% Vinacapital Vietnam Opportunity Fund Ltd 12.44% Naibu Global International Company Plc 1.5 2.2m worth of shares – equating to 21.50 0.June 50-100 >100 company Trading Value £M Market Cap £m VALUE/MKT CAP Hutchison China MediTech Ltd 20.5 0. traded 1.90% Geong International Ltd 0.44% Vietnam Infrastructure Ltd 20.3 3. cell lung cancer patients for one its agents under development.89 135.85 997.00 2.4 21.7 3.7 2.50 1.98 57.43% PureCircle Ltd 18.56%).03 402. £94.42% M.62% Vinaland Ltd 4.6 3.86% Vinaland Ltd 4.4m) was AIM Asia’s most liquid stock in June.L.47 158.89 135.82% Weiss Korea Opportunity Fund Ltd 3.5 2.88 29.98 57.3 3.00 MOST TRADED BY % OF MKT CAP .19% Asian Citrus Holdings Ltd 1.3 4.61 41.97 472.5 2. the last month of H1 2014. Asian AIM stocks.79 249.00 0. Evans Group Plc 1.25% Polo Resources Ltd 0.50 2.27 43.4 1.41 172.23 94.42% Graphene Nanochem Plc 1.5 2. £472. on average. as well as refinanced its $27m existing loan.91% Green Dragon Gas Ltd 1.23 94.99% Camkids Group Plc 1.04% Vinacapital Vietnam Opportunity Fund Ltd 12.P.00 1.03 402.

Allenby capital OVERVIEw 21 .

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 Information sourced from London Stock Exchange and Allenby Capital International Media Baobab Resources* Mining (Iron Ore/Pig Iron) INDIA DQ Entertainment Media Mortice Security Investment Company .) Camkids Retail Manroy Aerospace & Defence Global Lock Security LED Int. Res. 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.) 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. Holdings Technology Metal Tiger Investment Company (Nat.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.

com ]] Chris Crawford Corporate Broking 0203-002-2073 c.com ]] Myles McNulty Research 0203-328-5656 m.com ]] Matt Butlin Head of Equites 0203-328-5666 m.porter@allenbycapital.com ]] Katrina Perez Corporate Development 0203-002-2074 k.mcneilly@allenbycapital.price@allenbycapital.ovens@allenbycapital.com ]] Ian Jermin Research 0203-328-5664 i.com ]] Nick Harriss Corporate Finance 0203-328-5658 n.com ]] Michael McNeilly Corporate Finance 0203-328-5671 m.com ]] Jeremy Porter Corporate Finance 0203-394-2972 j.butlin@allenbycapital.com ]] Emma Ayton Equity Sales 020-3394-2974 e.perez@allenbycapital.com Information sourced from London Stock Exchange and Allenby Capital .com ]] James Reeve Corporate Finance 0203-328-5665 j.com ]] Kelly Murcer Receptionist 0203-394-2970 k.gardiner@allenbycapital.com ]] James Rose Research 0203-002-2078 j.com ]] Charles Donaldson Corporate Finance 0203-328-5669 c.jermin@allenbycapital.com ]] Amrit Nahal Equity Sales 020-3394-2973 a.short@allenbycapital.harrison@allenbycapital.athanas@allenbycapital.com ]] Nick Athanas Corporate Finance 0203-328-5662 n.murcer@allenbycapital.crawford@allenbycapital.donaldson@allenbycapital.mcnulty@allenbycapital.rose@allenbycapital.naylor@allenbycapital.com ]] Alex Price Corporate Finance 0203-328-5657 a.ayton@allenbycapital.bell@allenbycapital.com ]] Kelly Gardiner Equity Sales 0203-002-2072 k.com ]] Victoria Harrison Office Manager 0203-328-5656 v.com ]] Richard Short Corporate Finance 0203-002-2076 r.com ]] David Ovens Corporate Finance 0203-328-5656 d.harriss@allenbycapital.reeve@allenbycapital.Allenby capital Contact details 23 ]] Nick Naylor Chief Executive 0203-328-5661 n.com ]] Graham Bell Head of Sales 0203-328-5659 g.nahal@allenbycapital.

e.6706681). 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 24 Information sourced from London Stock Exchange and Allenby Capital prepared without any substantive analysis being undertaken into the companies concerned or their securities and it has not been independently verified. re-distributed or passed to any other person or published in whole or in part for any purpose. No representation or warranty.    This document is being supplied to you solely for your information and may not be reproduced. It should not be assumed that the value of investments will always rise. . any such restrictions.Allenby Capital Important disclaimer This document is issued by Allenby Capital Limited (Incorporated in England No. persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom. Opinions expressed are our current opinions as of the date appearing on this material only.  It or any part of it do not form the basis of and should not be relied upon in connection with any contract.  This material is for the use of intended recipients only and only for distribution to professional and institutional investors. 489795) and is a member of the London Stock Exchange. including lost profits arising in any way from the information contained in this material. 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. either express or implied.  The material in this document is not intended for distribution or use outside the European Economic Area. i. All investments are speculative and are liable to fluctuate in value. Past performance will not necessarily be repeated and is no guarantee of success. Allenby Capital Limited shall not be liable for any direct or indirect damages. which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business. or persons who have been categorised as professional customers or eligible counterparties under the rules of the FSA.  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. 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. By accepting this document you agree that you have read the above disclaimer and to be bound by its limitations and/or restrictions. It is not intended for retail customers. (Reg No.  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.

3 St.com 28 Information sourced from London Stock Exchange and Allenby Capital .com www. Helens Place London EC3A 6AB Tel: +44 (0)20 3328 5656 Email: info@allenbycapital.allenbycapital.