Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

IEdge Next 50 constituents with the highest proportional increase in trading activity this year include Hong Leong Asia, Banyan Tree, China Sunsine, UOB-Kay Hian, and PropNex. The Index has also generated an 18% total return in 2H25 to Nov 4, with PropNex and Hong Leong Asia also among the five highest Index gainers for the period. On Nov 4, Success More Group, China Sunsine’s majority shareholder, completed its first strategic share sale since the 2007 IPO, offloading 42 million shares for S$27.7 million to institutional and high-net-worth investors, while retaining a controlling stake and committing to a six-month moratorium on further sales.The iEdge Next 50 index includes six stocks of the Technology Sector, which have collectively booked S$179 million in net institutional inflow in 2H25, led by iFAST booking S$120 million and CSE Global booking S$39 million. All six stocks have booked gains generating average 29% (median 24%) total returns for the period.The iEdge Singapore Next 50 Index has generated an 2H25 (to Nov 4) 18% total return. The Index enhances Singapore’s established benchmarks and is the first iEdge index designed to drive market development and deepen investor engagement with the Equity Market development Programme. It also maintains a strong correlation with the FTSE ST Mid & Small Cap Index, sharing 42 constituents.Collectively, the Next 50 Index constituents represent a market capitalisation of S$88 billion and have generated an average daily turnover (ADT) of S$165 million year-to-date as of Nov 4, 2025. For the preceding year, the combined ADT of constituents that were listed in 2024 was S$107 million. The 10 constituents that have seen the biggest increase in turnover this year are tabled below. Next 50 Index Constituents with Highest ADT Growth in 2025CodeMkt Cap S$M2024 ADT S$M2025 YTD ADT S$MYTD ADT Growth (x)1H25 NIF S$M2H25 NIFS$M2H25 TR%SectorHong Leong AsiaH221,7880.22.416.0211951Consumer CyclicalsBanyan TreeB585370.00.48.6-4-246Consumer CyclicalsChina SunsineQES6670.10.67.52-2129Materials & ResourcesUOB Kay HianU102,4160.21.67.4-73919Financial ServicesPropNexOYY1,7090.32.07.4-121119Real Estate (excl. REITs)YZJ Fin HldgYF83,6892.415.66.41641643Financial ServicesPan UnitedP527830.10.56.311432Materials & ResourcesBousteadF9D8980.20.95.4-1629IndustrialsSIA EngineeringS593,8830.62.84.7214213IndustrialsCenturionOU81,1690.62.84.515-29-16Real Estate (excl. REITs)Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Sources: SGX, LSEG Workspace. Data as of Nov 4, 2025. Together, the above 10 companies have also exemplified diverse growth strategies, spanning new product/service launches, digital innovation, regional expansion, and major corporate actions:Hong Leong Asia: In August, its subsidiary China Yuchai International announced that joint venture MTU Yuchai Power launched the first batch of MTU Series 2000 engines, enriching its high-power portfolio and supporting long-term growth.UOB-Kay Hian Holdings: Partnered with wealth management technology provider FNZ in May to introduce a new Unit Trust investing digital platform in Singapore.PropNex & Pan-United Corporation: Previous investments in PropNex’s PropTech solutions and Pan United’s AiR Digital platform continued to drive operational efficiency in 2025.SIA Engineering Corporation: Expanded regional footprint with a new joint venture in Cambodia and extended operations in the Philippines and Malaysia in 2025.Banyan Tree Holdings: Continued global expansion and is set to celebrate its 100th property milestone this month with the grand opening of Mandai Rainforest Resort by Banyan Tree.Centurion Corporation: Spin-off of 14 accommodation assets into CAREIT, Singapore’s second-largest IPO of 2025, while Boustead Singapore: announced plans to divest logistics and industrial assets via a REIT listing. Yangzijiang Financial Holding also unveiled a spin-off of its maritime investments segment for a separate SGX listing.China Sunsine Chemical Holdings: Majority shareholder Success More Group sold 42 million shares for S$27.7 million to institutional and high-net-worth investors. The latter development was announced after the Nov 4 close. China Sunsine Chemical Holdings noted that its majority shareholder, Success More, sold 42 million ordinary shares at S$0.66 per share for a total of S$27.7 million to various institutional and high-net-worth investors through Maybank Securities. Recent months have seen Maybank Securities also involved in multiple share placements. Following the transaction, Success More’s stake in China Sunsine decreased from 61.6% to 57.2%. With a 74.3% interest, Success More is controlled by China Sunsine Executive Chairman Xu Cheng Qiu. Mr Xu highlighted that this was Success More’s first strategic sale of China Sunsine shares since the 2007 IPO, aiming to enhance trading liquidity and optimise the shareholding structure while retaining a controlling interest. Success More has also committed to a six-month moratorium on further share sales. Mr Xu maintains it has always been the intention to increase shareholders' value and share the rewards with the shareholders, and the Group will endeavor to step up its efforts to pursue sustainable growth for its continued success.The transaction booked yesterday has brought China Sunsine ADT in 2025 to S$606k, up from S$80k in 2024. The stock also maintains an ROE of 10.4% and P/E ratio of 7.6x as of the Nov 4 close. In its 1HFY25 (ended June 30), China Sunsine reported a 29% rise in net profit from 1HFY24, to RMB 242.7 Million, while also setting a new half-yearly sales volume record. Since its April 2007 IPO the stock has generated an 11.6% annualised total return. Next 50 Technology Stocks Book S$179 million in 2H25 Net Institutional Inflow Five of the six technology stocks in the Next 50 Index are also constituents of the FTSE ST Mid & Small Cap Index, underscoring their role in Singapore’s mid-cap segment. The exception, CSE Global, stands out as the largest weight in the FTSE ST Fledgling Index, reflecting its positioning among smaller-cap companies while still attracting significant institutional interest this year. The table below details the constituents of the iEdge Next 50 Index, sort by highest net institutional inflow in 2H25. Next 50 Index ConstituentsCodeMkt Cap S$M2024 ADT S$M2025 YTD ADT S$MYTD ADT Growth 1H25 NIF S$M2H25 NIFS$M2H25 TR%ROE %P/B (x) End of 2024P/B (x) end of June 2025P/B (x)SectorIFASTAIY2,9214.011.72.9-171204626.07.55.87.9Technology SIA EngineeringS593,8830.62.84.72142138.21.62.02.3IndustrialsSuntec ReitT82U3,94710.27.80.8323922-0.30.50.50.6REITsCSE Global5446151.02.92.811395310.91.11.62.4Technology UOB Kay HianU102,4160.21.67.4-7391910.30.80.91.1Financial ServicesKeppel ReitK71U4,1746.77.71.2-3333233.00.60.70.8REITsChina AviationG921,2900.41.33.0-229658.70.60.61.0IndustrialsFrenckenE286835.44.70.9-323299.11.21.21.5Technology PropNexOYY1,7090.32.07.4-12111952.85.86.513.7Real Estate (excl. REITs)Hong Leong AsiaH221,7880.22.416.02119519.60.71.21.8Consumer CyclicalsLendlease ReitJYEU1,5852.73.71.4-2418262.40.60.60.7REITsRiverstoneAP41,3562.73.31.2-36173816.13.22.03.0HealthcareYZJ Fin HldgYF83,6892.415.66.416416438.60.40.61.0Financial ServicesGeo Energy ResRE46592.13.11.51115386.60.70.81.1Energy/ Oil & GasWee HurE3B6661.23.93.41415544.10.50.71.1IndustrialsPan-UnitedP527830.10.56.31143217.01.62.33.0Materials & ResourcesYanlord LandZ251,3622.72.61.0-121241-7.80.20.20.2Real Estate (excl. REITs)CapLand India TCY6U1,5972.42.81.2-32101623.90.90.80.9REITsCapLand China TAU8U1,3662.41.70.7-119150.00.60.60.7REITsSBS TransitS611,0100.10.33.2-48199.81.11.21.5IndustrialsAztech Gbl8AZ5131.00.70.7-1571912.71.41.31.9Technology SamuderaShippingS565142.21.00.5261616.20.60.60.7IndustrialsBousteadF9D8980.20.95.4-162917.50.91.31.5IndustrialsFirst ResourcesEB53,0521.63.52.3-1343821.71.31.31.6Consumer Non-CyclicalsRaffles MedicalBSL1,8381.72.01.216306.31.61.81.8HealthcareUMS5581,0944.45.61.34011710.01.82.32.6Technology Banyan TreeB585370.00.48.6-4-2466.40.40.50.7Consumer CyclicalsBRC AsiaBEC1,1390.10.22.50-23621.21.51.82.4IndustrialsStarhillGbl ReitP40U1,3310.80.81.0-4-3176.30.70.70.8REITsCOSCO SHP SGF835461.10.50.51-301.20.60.60.6IndustrialsFar East HTrustQ5T1,2410.80.81.0-20-4111.90.70.60.7REITsStarHubCC32,0151.11.41.2-11-5420.43.63.33.5TelecommunicationsKep Infra TrA7RU2,7992.92.91.0-24-5209.51.81.41.7UtilitiesESR REIT9A4U2,2423.32.10.616-718-4.20.70.80.9REITsNetLink NBN TrCJLU3,8193.74.41.2-9-8113.81.41.41.6TelecommunicationsFood EmpireF031,2670.71.92.9-6-8289.31.42.63.0Consumer Non-CyclicalsCDL HTrustJ851,0421.71.50.9-12-97-0.10.60.50.6REITsNanofilmMZH4473.01.40.5-4-1173.51.31.11.2Technology Sasseur ReitCRPU8630.50.71.3-6-12125.40.80.80.8REITsOlam GroupVC23,6761.82.31.3-19-1552.60.60.50.5Consumer Non-CyclicalsAIMS APAC ReitO5RU1,1271.21.91.6-3-1862.20.70.70.7REITsChina SunsineQES6670.10.67.52-212911.50.60.70.8Materials & ResourcesSheng SiongOV83,7742.44.71.97-213627.34.94.96.8Consumer Non-CyclicalsCenturionOU81,1690.62.84.515-29-1627.90.91.21.0Real Estate (excl. REITs)DigiCore Reit USDDCRU8592.42.20.9-10-29120.30.80.70.6REITsCapLand Ascott THMN3,5775.95.91.0-40-5194.80.70.70.8REITsParkwayLife ReitC2PU2,6292.74.31.610-5105.61.61.71.6REITsNTT DC REIT USDNTDU1,344N/A3.7N/A0-81N/AN/AN/AN/A1.1REITsSingPostS089233.05.31.812-110-2114.90.70.70.6IndustrialsComfortDelGroC523,1428.116.02.00-12548.41.21.21.2IndustrialsNote ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Sources: SGX, LSEG Workspace. Data as of Nov 4, 2025. Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.Stay up-to-date with our SGX Invest Telegram channel.