{"id":10311,"date":"2023-05-18T05:56:34","date_gmt":"2023-05-18T09:56:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/syngenta-shifts-9-4-billion-shanghai-ipo-application-to-main-board\/"},"modified":"2023-05-18T05:56:34","modified_gmt":"2023-05-18T09:56:34","slug":"syngenta-shifts-9-4-billion-shanghai-ipo-application-to-main-board","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10311","title":{"rendered":"Syngenta shifts $9.4 billion Shanghai IPO application to main board"},"content":{"rendered":"
\n

By John Revill and Julie Zhu<\/p>\n

ZURICH\/HONG KONG (Reuters) -Swiss agrichemicals and seeds group Syngenta has withdrawn its application to float on Shanghai’s tech-focused STAR Market and will instead seek a listing on the main board of the Shanghai Stock Exchange, the company said on Thursday.<\/p>\n

Syngenta is seeking to rescue its 65-billion-yuan ($9.4-billion) IPO, which hit the buffers after the Shanghai bourse\u00a0canceled a hearing without providing a reason in late March.<\/p>\n

“Syngenta Group has withdrawn its STAR Market IPO application and will immediately apply for a public listing on the main board at the Shanghai Stock Exchange,” the Chinese-owned company said in a statement.<\/p>\n

It said it decided to switch focus following China’s recent listing rule changes to more clearly define the roles of different boards.<\/p>\n

“We believe Syngenta Group … fits better on the main board,” the company said.<\/p>\n

The change was in line with a decision that the main board was meant to support large-scale companies with mature business models and stable earnings performance, it added. <\/p>\n

China’s securities watchdog has since February implemented new rules to broaden the registration-based IPO system to the main boards in Shanghai and Shenzhen, homes to many Chinese blue chips, part of efforts to reform the world’s second-biggest stock market.<\/p>\n

The new IPO system, designed to simplify listing requirements and improve registration and vetting procedures, was first adopted by the STAR Market and later rolled out to start-up board ChiNext and the Beijing Stock Exchange.<\/p>\n

Key to the changes is the so-called registration system, which replaces the previous approval-based IPO system for the main boards in the Shanghai and Shenzhen stock markets, under which companies had to go through strict vetting process by the securities regulator.<\/p>\n

Under the new system, stock exchanges are responsible for vetting IPOs with a focus on information disclosure, while the regulator only makes sure listings are in line with national industrial policy.<\/p>\n

The Shanghai Stock Exchange said in a statement it fully respected Syngenta’s “independent choice of listing boards and support the listing of large agricultural technology companies”.<\/p>\n

The bourse said it would push forward with work on Syngenta’s IPO in a “steady and orderly” way after it submits its application for the main board listing. <\/p>\n

The new listing mechanism also sets no administrative restrictions on the issuance price and size of new shares.<\/p>\n

“This main board listing will enable Syngenta Group to access more diversified investors and will be conducive for the company’s long-term value,” the company said. <\/p>\n

A rival of U.S. company Corteva <\/span><\/span> (NYSE:) and German firms BASF and Bayer (OTC:), Syngenta was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021.<\/p>\n

The company reported its highest ever annual sales and earnings for 2022, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 20%, at $5.6 billion.<\/p>\n

The Chinese parent plans to keep a majority stake after the IPO, which is set to be one of the world’s biggest this year and is expected to give Syngenta an enterprise value of about $60 billion.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By John Revill and Julie Zhu ZURICH\/HONG KONG (Reuters) -Swiss agrichemicals and seeds group Syngenta has withdrawn its application to float on Shanghai’s tech-focused STAR Market and will instead seek a listing on the main board of the Shanghai Stock Exchange, the company said on Thursday. Syngenta is seeking to rescue its 65-billion-yuan ($9.4-billion) IPO, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-10311","post","type-post","status-publish","format-gallery","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSyngenta shifts $9.4 billion Shanghai IPO application to main board | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By John Revill and Julie Zhu ZURICH\/HONG KONG (Reuters) -Swiss agrichemicals and seeds group Syngenta has withdrawn its application to float on Shanghai's\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10311\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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