Singapore-headquartered Mirxes to join Alibaba, Tencent on Hang Seng Composite Index
[SINGAPORE] Home-grown biotech firm Mirxes will join the Hang Seng Composite Index on Sep 8, the startup announced on Saturday (Aug 23).
The Hang Seng Composite Index is a benchmark which covers about 95 per cent of the total market capitalisation of companies listed on the Hong Kong mainboard. It includes top Chinese firms such as Alibaba and Tencent.
The Hang Seng Index, on the other hand, includes only the largest and most liquid stocks listed in Hong Kong, and has only 85 constituents currently.
“This significant milestone elevates the company’s market profile and enhances its strategic position within the Hong Kong and wider Asian capital markets,” said Mirxes.
“Inclusion in the Hang Seng Composite Index is a powerful testament to Mirxes’ strong market position and solid performance since its listing on the Hong Kong Stock Exchange three months ago.”
Shares of Mirxes debuted on the Hong Kong Stock Exchange at HK$23.30 on May 23. It closed its first day of trading at HK$30, 28.8 per cent higher.
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The stock last traded at HK$45.82 on Friday, giving it a market cap of more than HK$12 billion (S$2 billion).
Mirxes said that it expects its addition to the index to significantly increase the company’s visibility and trading liquidity, making its shares more attractive to a broader base of investors, including institutional funds and index-tracking exchange-traded funds.
The inclusion may also enable the company’s shares to be traded among “a vast pool of investors in mainland China” through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect schemes. This would provide it with access to a crucial new source of capital to support its long-term growth and innovation pipeline, noted Mirxes.
Mirxes, founded in 2014, focuses on microRNA-based cancer detection. Its flagship product, GastroClear, is the world’s first molecular blood test approved for early detection of gastric cancer in high-risk populations.
It last reported a net loss of US$92 million for 2024, widening from the US$70.4 million loss in 2023.
