Syngenta’s USD10b China IPO plan hits roadblock
MAINLAND CHINA & HONG KONG
Syngenta Group’s plan for an initial public offering (IPO) has hit a roadblock after the Shanghai Stock Exchange suspended the company’s application pending an update to information about its earnings.
The bourse, which posted a notice on its website about the halt on 30 September, did not say when the Switzerland-based seed and fertiliser business can resume its application to list on the Nasdaq-style Star Board.
Syngenta has now furnished the Shanghai exchange with the requested earnings documentation and an update on the IPO timeline is set to be given this week (ending 15 October), a person familiar with the transaction said.
China National Chemical Corporation-owned Syngenta said in July it is targeting proceeds of CNY65b (USD10b) in a listing that could be the world’s largest this year. The company plans to sell as many as 2.79b new shares in the IPO, equivalent to a 20% stake.
About 50 other companies are also facing a delay to their Star Board IPO applications, likely exacerbated by the recent Golden Week holiday, the person said, asking not to be identified discussing private information. – Bloomberg News.
On Monday (11 October), the Shanghai Composite Index closed little changed at 3,591.71. The Hang Seng Index jumped 1.96% to 25,325.09.
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