In today’s briefing:
- Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises
- Fortis Healthcare (FORH IN): Indian Regulators Cleared Long-Awaited Open Offer of IHH
- Rubicon Research IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Pacific Smiles (PSQ AU): Genesis Returns To Dislodge Co-Founder
- Sirius (靖因) Pre-IPO: Credible SiRNA Products
Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises
- The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
- In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in December 2025.
- The index changes are expected to be confirmed on 21st November 2025.
Fortis Healthcare (FORH IN): Indian Regulators Cleared Long-Awaited Open Offer of IHH
- SEBI has approved IHH Healthcare’s open offer for acquisition of up to 26% stake in Fortis Healthcare (FORH IN). If materializes, this should uplift IHH’s holding in Fortis to 57%.
- In 2018, Fortis’ original open offer price was INR170 per share, and the offer size was INR33B. Currently, Fortis share is trading at INR1,054, up more than 6x since 2018.
- IHH will make appropriate announcement ‘in a timely manner’, which should provide clarity on open offer pricing. Unless an attractive revised price is announced, the shareholders acceptance will be limited.
Rubicon Research IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
- RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.
Pacific Smiles (PSQ AU): Genesis Returns To Dislodge Co-Founder
- Earlier this year, Genesis Capital secured ~89..27% in Pacific Smiles (PSQ AU), an operator of dental centers, via a A$1.90/share tendering Offer. Co-founder Alison Hughes resolutely maintained her 10.01% stake.
- PSQ has now announced Genesis has returned to the well with a A$2.20/share unconditional Offer.
- That’s a solid 37.5% premium to last close. And within the IE’s revised fair value range of A$2.13-A$2.56/share, who declared termns fiar and reasonable.
Sirius (靖因) Pre-IPO: Credible SiRNA Products
- Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
- In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.
- We also look at the company’s pre-IPO investors and management team.
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