East and South-East Asia on AIM 2008, compiled in association with accountancy firm BDO Stoy Hayward LLP, discovered that the mean share price of these companies declined 1.8 per cent compared to an 8.2 per cent drop in the past three years for FTSE SmallCap companies and a 27 per cent slide on the AIM Index.
Growth Company Investor’s research found that 147 companies operating in East and South-East Asia have joined the market, raising a combined £2.9 billion of IPO funds.
China heads the list with 72 companies raising £1.7 billion on IPO. Five nations have eight ventures on the market with operational interests in their economies: Hong Kong, Vietnam, Malaysia, the Philippines and Singapore.
Japan has six businesses, of which three are property-focused investment funds, that have pulled in £214 million in total.
The mining sector, including natural resources businesses, claims the largest number of companies in the study with 26, which have collectively extracted £135 million at IPO. But this is dwarfed by the £1.1 billion attracted by 13 ventures the property sector.
The largest IPOs have been for property investment funds, such as China Real Estate Opportunities claiming £245 million and Vietnam Infrastructure raising £201 million. Of the largest 25 flotations, 18 were for investment companies or funds, with Hong Kong-based Pacific Alliance’s China Land and Asia Opportunity Funds securing £196 million and £145 million respectively.
Iron ore trader Prosperity Minerals attracted the most cash of any operational company at float of £115 million. Other highlights include gaming company AsianLogic receiving £54 million.