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Posted on THG thread, same applies here - majority of UK funds cannot buy S4 (or THG) due to current standard listing.

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This is from the latest FCA update on merging the two listings, document is 411 pages long.

Deadline for additional comments is March with:

"We aim to publish final rules in the second half of 2024"

Looking at the timelines listed below July/Aug could be a possibility

https://www.skadden.com/insights/publications/2024/01/revised-proposed-reforms-to-uk-listing-rules

Guess what else happened in July 21

https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

This is from the latest FCA update on merging the two listings, document is 411 pages long.

Deadline for additional comments is March with:

"We aim to publish final rules in the second half of 2024"

Looking at the timelines listed below July/Aug could be a possibility

https://www.skadden.com/insights/publications/2024/01/revised-proposed-reforms-to-uk-listing-rules

To put it another way, over three years the index has lost nearly 70% of its value.

This looks to be a new web site by HK bourse, many of the feature are 'coming soon' it would be good to know how the index weightings are calculated, especially as Hutchmed is at the top.

Index Index Level Return (%)

Hang Seng Healthcare Index 2,405.52 -67.69%

If you click the 5 year graph, then bring up HCM on Yahoo and the the same, the two high peaks of around $43/44 were in July 21- exactly matching the high peak on chart below of almost 8,000 for HK healthcare index - its now risen (slightly) to 2,400.

https://www.hsi.com.hk/eng/indexes/all-indexes/hshci

What a crazy situation London has backed themselves into, total madness taking three years plus to make minor changes around listing rules.

6 March 2024 is the spring budget, its possible given the exodus some tax incentives are dished out to encourage funds to invest in UK companies, either way we should get the premium and standard listings merged this year sometime.

It bodes well for TEIKKO (PHC68949) which is awaiting approval in Mexico, that leaves just California and India with outstanding registrations.

This chart really highlights the impact of higher rates, at one point the Healthcare index out performed HK by some margin only to drop back.

https://www.hsi.com.hk/static/uploads/contents/en/dl_centre/factsheets/hshcie.pdf

In my view interest rates has been the single most dominating factor, over and above political issues, HFCAA and so on..

Yes, you're right, not sure on either tbh, in the scheme of things still quite a small move.

Data out perhaps, HFD same response time and chart.

This is the thing a lot of commentators fail to realise, just because a stock is 'trading' at 50p or so, doesn't mean you can buy the whole company for this nor does it mean this is the correct valuation.

Another point worth noting for potential bidders is how realistic is their offer, no point approaching a company if the board are openly hostile to takeovers, this may well be the case with THG board.

Good example being Curry's.

In terms of what maybe driving these movers up/down, the above index seems to have good correlation to Hutchmed, scroll to bottom for list of constituents.

The 3 month chart has certainly come off the bottom and could be benefitting from ETF buying mentioned in earlier posts below.

https://www.hsi.com.hk/eng/indexes/all-indexes/hshci

Curry's is a well known UK brand, bound to be uproar if it ends up in US private equity hands.

I think the pan here is to wait until all other companies are bought leaving only THG listed, that way UK funds have to invest ..

Good spot, its slow but the regulators are gradually phasing out conventional herbicides in favour of climate friendly substitutes.

OBRONA never really got off the ground last year (pun intended), legislation (if passed) could be a great opportunity for Wilbur-Ellis to pick up on.

https://www.thedailyscoop.com/news/new-products/wilbur-ellis-offers-obrona-fungicide-2023-corn-diseases

Brexit Britain has ‘significantly underperformed’ other advanced economies, Goldman Sachs says

https://www.cnbc.com/2024/02/14/brexit-has-sliced-5percent-off-uk-economic-growth-goldman-sachs-says.html?&qsearchterm=brexit

TI, nope, just potatoes : ]

If the intention is there, expansion into India funded by Aditya Birla equity investment, list Ingenuity separately.

Speculative, but could happen v easily imo.

Aditya Birla has both size and presence in many locations, on the surface it could be an ideal replacement for Softbank.

They also have a logistics fund geared up for investing in this area.

https://groww.in/mutual-funds/aditya-birla-sun-life-transportation-and-logistics-fund-direct-growth

After spending the morning researching amongst other things potatoes, the recent partnership announcement with Aditya Birla really stands out, if for nothing else just its sheer size – 187,000 employees worldwide, India’s No 1 fashion retailer

The Ingenuity agreement is for a US launch but as with the THG partnerships could be extended, this could really open up the vast (really vast) affluent Indian market.

It’s easy to skip over these things without realising the significance.

https://www.thgingenuity.com/resources/press-releases

https://www.adityabirla.com/about-us

Poland and France are pretty much joint second behind Germany for potato production, Staphyt are also based in France, two big markets.

https://ec.europa.eu/eurostat/statistics-explained/index.php?title=The_EU_potato_sector_-_statistics_on_production,_prices_and_trade#Potato_production_in_the_EU_is_highly_concentrated

Reviewing the overall situation again, there may be grounds for optimism this year – reasons outlined below.

For Poland it would have been too late to secure a distributor and get product applied, according to the potato field trials (below) Harpin is a foliar fertilizer (via the leaves) application which has to be applied regularly during growth phases.

The same applies to Agrii UK partnership which was announced in October again, too late for 2023 growing season.

‘The Agreement will support commercial sales of PREtec technology and novel Agrii foliar micronutrient combinations. The first Agrii foliar fertilizer product to be launched containing PREtec technology will be sold under the brand Innocul8 and is expected to be widely available to growers in the UK for use in 2024.’

Agrii field trials November 2021

Potato specialist discusses the crop health and yield benefits of using a bio-stimulant containing the protein, Harpin αβ.

https://www.agrii.co.uk/news-and-media/news/trust-the-science-with-bio-stimulants/

In terms of a distributor for Poland, the Agrii article above mentions:

“Trials by Staphyt in Poland in 2019 show that early applications can increase tuber numbers, while later applications boost tuber size and quality. Both approaches resulted in an improvement in marketable yield and, depending on variety and sale price, net margin benefits of up to £350/ha.”

https://www.staphyt.com/en/sectors.

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Staphyt assists companies in various industries, multinational, micro and small enterprises or start-ups, from development strategy to launching products on the world markets.’