Smartkarma Daily Briefs

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, Head of Asset Management, Mr. Cheng Hsing Yuen, and Head of Investor Relations & Capital Markets, Ms. Helen Qiu.

In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

About Sasseur REIT

Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors
the unique opportunity to invest in the fast-growing retail outlet mall sector in China through
its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing
Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of
310,241 square metres.

Sasseur REIT is established with the investment strategy to invest principally, directly or
indirectly, in a diversified portfolio of income-producing real estate which is used primarily for
retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,
with an initial focus on Asia.

You can view their latest factsheet here.

For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

• The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 13 June.
• HealthyWay (2587 HK) will be added to the ETF while East Buy Holding (1797 HK) will be deleted. The passive trading will offer an opportunity to exit positions.
• There is a huge lock-up expiry in HealthyWay (2587 HK) on 30 June and the stock could drop ahead of that. Then it could drop some more after lock-up expiry.

• There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.
• A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.
• There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.

• On the 10th of June, Toyota Motor (7203 JP) subsidiary Hino Motors Ltd (7205 JP) and Mitsubishi-Fuso Truck & Bus Company announced their long-awaited integration plans. We have a deal.
• An agreement was signed in 2023, but Hino got in big trouble for falsifying testing data on gasoline engine emissions/efficiency. Hino took a hit in 2023, then 2025. Talks advanced. 
• The deal announced suggests Toyota has thrown itself and Hino minorities under the proverbial Fuso bus. It’s VERY odd. But… it deserves a look because 2026 will see a re-IPO.

• Zhejiang Sanhua Intellignt Controls Co. (002050 CH)‘s global offering opens today and the raise could reach up to US$1.4bn if the offer-size adjustment option and the overallotment option are exercised.  
• There is a large allocation to cornerstone investors. The discount of around 22.7% to the A-shares is attractive given the recent trend for Midea (300 HK) and CATL (3750 HK). 
• The H-shares should be added to Southbound Stock Connect in July, to the HSCI in September, and to a global index in December.

• On the 21st May 2025, copper miner New World Resources (NWC AU)  inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.
• Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)‘s recent Offer for MAC Copper (MAC AU), and Bastion Minerals’ tilt for Xanadu Mines (XAM AU).
• NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder? 

• A quick look at the tactical forecast models for some key markets impacted by the Israeli attack to Iran on June 13th.
• We analyze: Crude Oil Futures (CL1 COM COMDTY) , Gold Futures (GOLD COMDTY) , Nasdaq-100 Index (NDX) , Nikkei 225 Index, Hang Seng Index and NIFTY Index 
• Keep in mind that high volatility can push easily a market into the model’s tails, and forecasts in tails area rely on less data (i.e. less accurate). 

• Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
• ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). 
• This is the company’s 17th placement since it listed in June 2017.
• In this note, we talk about the updates since then and run the deal through our ECM Framework.