Shanghai Stock Exchange Suspends Syngenta’s IPO Application

【Japan Himalaya League】 Author: 海星  Translator: Ranting

On Oct. 11, the Chinese Communist Party’s SSE’s latest disclosure document said it suspended Syngenta Group’s application for listing on the STAR Market, requiring it to update its financial information.

According to Reuters, in early July this year, the world’s largest pesticide producer Syngenta Group filed an application with the Shanghai Stock Exchange and was accepted. The company said it plans to raise RMB 65 billion in the IPO, which could be the world’s largest IPO this year, and plans to issue 2.79 billion new shares, equivalent to 20 percent of the company’s share capital.

On September 30, the Shanghai Stock Exchange published a notice on its official website about the temporary suspension of listing, but did not elaborate on the resumption of the review of Syngenta Group’s listing application.

(Picture Source: Internet.)

A source familiar with the inside story revealed that Syngenta has submitted financial information to the SSE as required and will announce an updated IPO schedule this week.

Syngenta Group, headquartered in Switzerland, is currently the world’s largest pesticide producer and has an in-depth research on GMOs. ChemChina acquired Syngenta for $43 billion in 2017 and last year merged the Swiss company with Israeli agrochemical company ADAMA and ChemChina’s fertilizer and seeds business.

Post Script: This article only represents the view of the author.

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Posted by: Ranting

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10 days ago

this deal is truly alarming!