Swiss chemicals and seed group Syngenta on Friday withdrew its bid for a multibillion-dollar listing on the Shanghai Stock Exchange, amid recent weakness in China’s stock market.
The initial public offering (IPO), which would have valued the Chinese-owned company at up to $60 billion, has been repeatedly delayed since it was proposed in 2021 due to unfavorable market conditions.
“After careful consideration of the industry environment and the company’s development strategy, Syngenta Group has decided to withdraw its IPO application on the main board of the Shanghai Stock Exchange,” the company said on Friday.
The bond issue, like other recent deals, was unsuccessful because of the calm Chinese market, according to a person familiar with the matter who spoke on condition of anonymity.
Syngenta spokesman Saswato Das declined to provide further details on why the company backed out of its IPO.
Syngenta said it will seek to restart the listing process in China or another stock exchange when conditions are right and explore alternative sources of financing.
Source: Terra
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