The Shanghai Stock Exchange said it had terminated a review of the company’s initial public offering (IPO) application after Syngenta applied to withdraw its IPO documents on Friday.
“After careful consideration of the industry environment and the company’s own development strategy, Syngenta Group has decided to withdraw its application for an IPO on the main board of the Shanghai Stock Exchange,” the company said in a notice to the exchange.
Syngenta added that it would continue to pay attention to China’s capital markets and “will look to restart the listing process, either in China or a different global exchange, when the conditions are right”.
It will also explore alternate sources of funding, the company said.
Syngenta did not immediately respond to a request for comment.
Hong Kong’s IPO market shrinks in first quarter amid tighter rules, poor values
Hong Kong’s IPO market shrinks in first quarter amid tighter rules, poor values
The company’s IPO, which could have raised 65 billion yuan (US$9 billion), has been postponed several times due to volatile market conditions since the company first filed for a listing in 2021. During the latest delay, in November, the company said it would delay its listing until the end of 2024.
The cancellation comes amid a quiet IPO market in China, where the new chairman of the country’s securities regulator has pledged to raise thresholds for companies seeking to list, and to conduct more checks on applicants as part of a drive to boost the quality of new listings.
The Shenzhen Stock Exchange, for instance, on Monday announced an on-site supervision of Citic Securities, which served as the IPO sponsor of Liangang Optoelectronic Technology, in the first ever investigation of its kind after China’s IPO regulations were tightened.
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The Basel-based company is at the cutting edge of biotechnology and developed the first genetically modified cereal for human consumption. It fully sequenced the DNA of the rice genome in 2001.
It reported sales of US$32.2 billion last year, a drop of 4 per cent when compared with 2022, whereas its Ebitda – earnings before interest, taxes, depreciation and amortisation – stood at US$4.6 billion, a decline of 18 per cent year on year.