By comparison, US businesses delivered investors average gains of just 6.94 per cent, with almost three-fifths of all US businesses witnessing their shares decline since launch. Companies from Europe, on the other hand, demonstrated solid gains of 44.4 per cent.

The study, conducted in association with law firm WilmerHale, reveals that the junior market has attracted 304 companies that are incorporated overseas.

Focusing purely on AIM businesses from China, Europe and the US, it was found that a total of 207 AIM ventures are based in these geographic regions, with Europe leading the way with 126 companies, followed by the US (52) and then China (29).

These AIM companies have raised over £6 billion at IPO and are collectively worth more than £19.6 billion, accounting for 20 per cent of AIM’s total market value.

China’s impressive out-performance owes a lot to the likes of ReneSola, the silicon wafer recycling counter that has proved itself the best performing IPO of the last 12 months. Others to be commended include the likes of Griffin Mining and of course China Real Estate Opportunities, which has soared by 808.8 per cent since December 2005.

The best performing US stock to date – and the fourth best performing stock in this study – is Climate Exchange, the eco-energy investor. It has powered ahead by 865 per cent since launching in September 2003.

Europe’s strongest performing companies are African Diamonds, up no less than 1521 per cent since float, and Minmet, up 1160 per cent.

In terms of money raised by brokers, Collins Stewart is ahead in every region, pulling in £155 million for its three Chinese ventures, £379 million for its seven US ventures and £752 million for its 15 European clients.