All works were done in Houdini and rendered in mantra. No compositing.
As you see, I used the rubber toy model(provided for free in houdini) for the bubble mesh. And I made it move like bubble using VEX noise.
Custom solver got cost attribute measuring distance along the surface and spread out from impact point. Using this cost attribute, I could make the ripples on the mesh and find particle emission edges. In POP solver, I scripted VEX codes that make each particles have surface tension like water. After simulation, I made a particle retimer using VEX, so it could make the particles(results from simulation) move slower or faster. In this case I made them have slow motions like getting caught with the high-speed camera.
Thanks for watching, and all feedbacks will be appreciated.
Here is the reference - youtu.be/blNe2Ae5a2c?t=1m6s