Growth in Motion: China Sunsine Married Deal & Next 50 Momentum
China Sunsine's majority shareholder, Success More Group, 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. This sale reduced Success More's stake from 61.6% to 57.2%. The iEdge Next 50 Index, which includes China Sunsine, has generated an 18% total return in 2H25 to Nov 4, with significant trading activity noted among its constituents, including Hong Leong Asia and PropNex.
- 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$107 million. The 10 constituents that have seen the biggest increase in turnover this year are tabled below.
| Next 50 Index Constituents with Highest ADT Growth in 2025 | Code | Mkt Cap S$M | 2024 ADT S$M | 2025 YTD ADT S$M | YTD ADT Growth (x) | 1H25 NIF S$M | 2H25 NIF S$M | 2H25 TR% | Sector |
| Hong Leong Asia | H22 | 1,788 | 0.2 | 2.4 | 16.0 | 21 | 19 | 51 | Consumer Cyclicals |
| Banyan Tree | B58 | 537 | 0.0 | 0.4 | 8.6 | -4 | -2 | 46 | Consumer Cyclicals |
| China Sunsine | QES | 667 | 0.1 | 0.6 | 7.5 | 2 | -21 | 29 | Materials & Resources |
| UOB Kay Hian | U10 | 2,416 | 0.2 | 1.6 | 7.4 | -7 | 39 | 19 | Financial Services |
| PropNex | OYY | 1,709 | 0.3 | 2.0 | 7.4 | -1 | 21 | 119 | Real Estate (excl. REITs) |
| YZJ Fin Hldg | YF8 | 3,689 | 2.4 | 15.6 | 6.4 | 164 | 16 | 43 | Financial Services |
| Pan United | P52 | 783 | 0.1 | 0.5 | 6.3 | 1 | 14 | 32 | Materials & Resources |
| Boustead | F9D | 898 | 0.2 | 0.9 | 5.4 | -1 | 6 | 29 | Industrials |
| SIA Engineering | S59 | 3,883 | 0.6 | 2.8 | 4.7 | 21 | 42 | 13 | Industrials |
| Centurion | OU8 | 1,169 | 0.6 | 2.8 | 4.5 | 15 | -29 | -16 | Real 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$179 million in 2H25 Net Institutional Inflow
Five of the six technology stocks in the Next 50 Index are also constituents of the FTSE ST Mid & Small Cap Index, underscoring their role in Singapore’s mid-cap segment. The exception, CSE Global, stands out as the largest weight in the FTSE ST Fledgling Index, reflecting its positioning among smaller-cap companies while still attracting significant institutional interest this year.
The table below details the constituents of the iEdge Next 50 Index, sort by highest net institutional inflow in 2H25.
| Next 50 Index Constituents | Code | Mkt Cap S$M | 2024 ADT S$M | 2025 YTD ADT S$M | YTD ADT Growth | 1H25 NIF S$M | 2H25 NIFS$M | 2H25 TR% | ROE % | P/B (x) End of 2024 | P/B (x) end of June 2025 | P/B (x) | Sector |
| IFAST | AIY | 2,921 | 4.0 | 11.7 | 2.9 | -17 | 120 | 46 | 26.0 | 7.5 | 5.8 | 7.9 | Technology |
| SIA Engineering | S59 | 3,883 | 0.6 | 2.8 | 4.7 | 21 | 42 | 13 | 8.2 | 1.6 | 2.0 | 2.3 | Industrials |
| Suntec Reit | T82U | 3,947 | 10.2 | 7.8 | 0.8 | 32 | 39 | 22 | -0.3 | 0.5 | 0.5 | 0.6 | REITs |
| CSE Global | 544 | 615 | 1.0 | 2.9 | 2.8 | 11 | 39 | 53 | 10.9 | 1.1 | 1.6 | 2.4 | Technology |
| UOB Kay Hian | U10 | 2,416 | 0.2 | 1.6 | 7.4 | -7 | 39 | 19 | 10.3 | 0.8 | 0.9 | 1.1 | Financial Services |
| Keppel Reit | K71U | 4,174 | 6.7 | 7.7 | 1.2 | -33 | 33 | 23 | 3.0 | 0.6 | 0.7 | 0.8 | REITs |
| China Aviation | G92 | 1,290 | 0.4 | 1.3 | 3.0 | -2 | 29 | 65 | 8.7 | 0.6 | 0.6 | 1.0 | Industrials |
| Frencken | E28 | 683 | 5.4 | 4.7 | 0.9 | -3 | 23 | 29 | 9.1 | 1.2 | 1.2 | 1.5 | Technology |
| PropNex | OYY | 1,709 | 0.3 | 2.0 | 7.4 | -1 | 21 | 119 | 52.8 | 5.8 | 6.5 | 13.7 | Real Estate (excl. REITs) |
| Hong Leong Asia | H22 | 1,788 | 0.2 | 2.4 | 16.0 | 21 | 19 | 51 | 9.6 | 0.7 | 1.2 | 1.8 | Consumer Cyclicals |
| Lendlease Reit | JYEU | 1,585 | 2.7 | 3.7 | 1.4 | -24 | 18 | 26 | 2.4 | 0.6 | 0.6 | 0.7 | REITs |
| Riverstone | AP4 | 1,356 | 2.7 | 3.3 | 1.2 | -36 | 17 | 38 | 16.1 | 3.2 | 2.0 | 3.0 | Healthcare |
| YZJ Fin Hldg | YF8 | 3,689 | 2.4 | 15.6 | 6.4 | 164 | 16 | 43 | 8.6 | 0.4 | 0.6 | 1.0 | Financial Services |
| Geo Energy Res | RE4 | 659 | 2.1 | 3.1 | 1.5 | 11 | 15 | 38 | 6.6 | 0.7 | 0.8 | 1.1 | Energy/ Oil & Gas |
| Wee Hur | E3B | 666 | 1.2 | 3.9 | 3.4 | 14 | 15 | 54 | 4.1 | 0.5 | 0.7 | 1.1 | Industrials |
| Pan-United | P52 | 783 | 0.1 | 0.5 | 6.3 | 1 | 14 | 32 | 17.0 | 1.6 | 2.3 | 3.0 | Materials & Resources |
| Yanlord Land | Z25 | 1,362 | 2.7 | 2.6 | 1.0 | -12 | 12 | 41 | -7.8 | 0.2 | 0.2 | 0.2 | Real Estate (excl. REITs) |
| CapLand India T | CY6U | 1,597 | 2.4 | 2.8 | 1.2 | -32 | 10 | 16 | 23.9 | 0.9 | 0.8 | 0.9 | REITs |
| CapLand China T | AU8U | 1,366 | 2.4 | 1.7 | 0.7 | -11 | 9 | 15 | 0.0 | 0.6 | 0.6 | 0.7 | REITs |
| SBS Transit | S61 | 1,010 | 0.1 | 0.3 | 3.2 | -4 | 8 | 19 | 9.8 | 1.1 | 1.2 | 1.5 | Industrials |
| Aztech Gbl | 8AZ | 513 | 1.0 | 0.7 | 0.7 | -15 | 7 | 19 | 12.7 | 1.4 | 1.3 | 1.9 | Technology |
| SamuderaShipping | S56 | 514 | 2.2 | 1.0 | 0.5 | 2 | 6 | 16 | 16.2 | 0.6 | 0.6 | 0.7 | Industrials |
| Boustead | F9D | 898 | 0.2 | 0.9 | 5.4 | -1 | 6 | 29 | 17.5 | 0.9 | 1.3 | 1.5 | Industrials |
| First Resources | EB5 | 3,052 | 1.6 | 3.5 | 2.3 | -13 | 4 | 38 | 21.7 | 1.3 | 1.3 | 1.6 | Consumer Non-Cyclicals |
| Raffles Medical | BSL | 1,838 | 1.7 | 2.0 | 1.2 | 16 | 3 | 0 | 6.3 | 1.6 | 1.8 | 1.8 | Healthcare |
| UMS | 558 | 1,094 | 4.4 | 5.6 | 1.3 | 40 | 1 | 17 | 10.0 | 1.8 | 2.3 | 2.6 | Technology |
| Banyan Tree | B58 | 537 | 0.0 | 0.4 | 8.6 | -4 | -2 | 46 | 6.4 | 0.4 | 0.5 | 0.7 | Consumer Cyclicals |
| BRC Asia | BEC | 1,139 | 0.1 | 0.2 | 2.5 | 0 | -2 | 36 | 21.2 | 1.5 | 1.8 | 2.4 | Industrials |
| StarhillGbl Reit | P40U | 1,331 | 0.8 | 0.8 | 1.0 | -4 | -3 | 17 | 6.3 | 0.7 | 0.7 | 0.8 | REITs |
| COSCO SHP SG | F83 | 546 | 1.1 | 0.5 | 0.5 | 1 | -3 | 0 | 1.2 | 0.6 | 0.6 | 0.6 | Industrials |
| Far East HTrust | Q5T | 1,241 | 0.8 | 0.8 | 1.0 | -20 | -4 | 11 | 1.9 | 0.7 | 0.6 | 0.7 | REITs |
| StarHub | CC3 | 2,015 | 1.1 | 1.4 | 1.2 | -11 | -5 | 4 | 20.4 | 3.6 | 3.3 | 3.5 | Telecommunications |
| Kep Infra Tr | A7RU | 2,799 | 2.9 | 2.9 | 1.0 | -24 | -5 | 20 | 9.5 | 1.8 | 1.4 | 1.7 | Utilities |
| ESR REIT | 9A4U | 2,242 | 3.3 | 2.1 | 0.6 | 16 | -7 | 18 | -4.2 | 0.7 | 0.8 | 0.9 | REITs |
| NetLink NBN Tr | CJLU | 3,819 | 3.7 | 4.4 | 1.2 | -9 | -8 | 11 | 3.8 | 1.4 | 1.4 | 1.6 | Telecommunications |
| Food Empire | F03 | 1,267 | 0.7 | 1.9 | 2.9 | -6 | -8 | 28 | 9.3 | 1.4 | 2.6 | 3.0 | Consumer Non-Cyclicals |
| CDL HTrust | J85 | 1,042 | 1.7 | 1.5 | 0.9 | -12 | -9 | 7 | -0.1 | 0.6 | 0.5 | 0.6 | REITs |
| Nanofilm | MZH | 447 | 3.0 | 1.4 | 0.5 | -4 | -11 | 7 | 3.5 | 1.3 | 1.1 | 1.2 | Technology |
| Sasseur Reit | CRPU | 863 | 0.5 | 0.7 | 1.3 | -6 | -12 | 12 | 5.4 | 0.8 | 0.8 | 0.8 | REITs |
| Olam Group | VC2 | 3,676 | 1.8 | 2.3 | 1.3 | -19 | -15 | 5 | 2.6 | 0.6 | 0.5 | 0.5 | Consumer Non-Cyclicals |
| AIMS APAC Reit | O5RU | 1,127 | 1.2 | 1.9 | 1.6 | -3 | -18 | 6 | 2.2 | 0.7 | 0.7 | 0.7 | REITs |
| China Sunsine | QES | 667 | 0.1 | 0.6 | 7.5 | 2 | -21 | 29 | 11.5 | 0.6 | 0.7 | 0.8 | Materials & Resources |
| Sheng Siong | OV8 | 3,774 | 2.4 | 4.7 | 1.9 | 7 | -21 | 36 | 27.3 | 4.9 | 4.9 | 6.8 | Consumer Non-Cyclicals |
| Centurion | OU8 | 1,169 | 0.6 | 2.8 | 4.5 | 15 | -29 | -16 | 27.9 | 0.9 | 1.2 | 1.0 | Real Estate (excl. REITs) |
| DigiCore Reit USD | DCRU | 859 | 2.4 | 2.2 | 0.9 | -10 | -29 | 1 | 20.3 | 0.8 | 0.7 | 0.6 | REITs |
| CapLand Ascott T | HMN | 3,577 | 5.9 | 5.9 | 1.0 | -40 | -51 | 9 | 4.8 | 0.7 | 0.7 | 0.8 | REITs |
| ParkwayLife Reit | C2PU | 2,629 | 2.7 | 4.3 | 1.6 | 10 | -51 | 0 | 5.6 | 1.6 | 1.7 | 1.6 | REITs |
| NTT DC REIT USD | NTDU | 1,344 | N/A | 3.7 | N/A | 0 | -81 | N/A | N/A | N/A | N/A | 1.1 | REITs |
| SingPost | S08 | 923 | 3.0 | 5.3 | 1.8 | 12 | -110 | -21 | 14.9 | 0.7 | 0.7 | 0.6 | Industrials |
| ComfortDelGro | C52 | 3,142 | 8.1 | 16.0 | 2.0 | 0 | -125 | 4 | 8.4 | 1.2 | 1.2 | 1.2 | Industrials |
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.
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