Syngenta Pulls China IPO Application After Three-Year Wait

Bloomberg03-29

(Bloomberg) -- Syngenta Group withdrew its long-delayed application for a $9 billion initial public offering in Shanghai, another blow to China’s equity markets after Alibaba Group Holding Ltd. this ...

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Bankman-Fried Is Sentenced to 25 Years in Prison Over FTX Collapse. Apple Plans New iPad Pro for May as Production Ramps Up Overseas. UBS Banker’s FrustrationExposes Cracks in World of ClimateFinance. Syngenta first filed for an IPO in China’s financial hub in 2021, but its listing has been snagged by various issues. The most recent delay came in November, when the company said it would postpone the offering until the end of 2024 because of volatile markets. That float would have raised 65 billion yuan . It also said it would explore alternative options for expanding its shareholder base.The Cautionary Tale of Wirecutter and the Internet’s Favorite Wok","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4575":"芯片概念","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4587":"ChatGPT概念","BK4558":"双十一","BK4220":"综合零售","BK4524":"宅经济概念","09988":"阿里巴巴-SW","BK4535":"淡马锡持仓","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1688375341.USD":"贝莱德中国灵活股票基金","BABA":"阿里巴巴","BK4538":"云计算","BK4527":"明星科技股","BK4579":"人工智能","BK4588":"碎股","BK4526":"热门中概股","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4502":"阿里概念","LU0918141887.USD":"安联亚洲实际收益股票基金","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4505":"高瓴资本持仓","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4581":"高盛持仓","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK4504":"桥水持仓","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4548":"巴美列捷福持仓","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK4565":"NFT概念","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4554":"元宇宙及AR概念","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4531":"中概回港概念","RDDT":"Reddit","BK4585":"ETF&股票定投概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4534":"瑞士信贷持仓","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD"},"translate_title":"先正达等待三年后撤回中国IPO申请","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BABA":0.9,"RDDT":0.9,"09988":0.6},"content_text":"(Bloomberg) -- Syngenta Group withdrew its long-delayed application for a $9 billion initial public offering in Shanghai, another blow to China’s equity markets after Alibaba Group Holding Ltd. this week scrapped the listing of its logistics arm.\nMost Read from Bloomberg\n\nTesla’s $25,000 Car Means Tossing Out the 100-Year-Old Assembly Line\nBankman-Fried Is Sentenced to 25 Years in Prison Over FTX Collapse\nApple Plans New iPad Pro for May as Production Ramps Up Overseas\nUBS Banker’s Frustration Exposes Cracks in World of Climate Finance\nDubai Is Losing Its Allure for Wealthy Russians\n\nThe Chinese-owned seed and pesticide giant “will look to restart the listing process, either in China or a different global exchange, when the conditions are right,” Syngenta said Friday in a statement on its website. “It will also explore alternate sources of funding.”\nThe announcement, which confirmed a report by Bloomberg News, is further evidence of the headwinds confronting Chinese equities, with the economy weighed down by a long-running real estate crisis, deflationary pressure and geopolitical tensions. The benchmark CSI 300 Index touched a five-year low in early February and is down 39% from its 2021 peak, even as US and European stocks touch record highs.\nE-commerce pioneer Alibaba on Tuesday called off an initial public offering for its Cainiao logistics arm in Hong Kong, the second time it’s halted a high-profile debut for one of its businesses. Equity capital markets elsewhere, meanwhile, are finally picking up after a two-year drought, with social-media company Reddit Inc. listing in the US this month and skin-care company Galderma Group AG going public in Switzerland.\nSyngenta first filed for an IPO in China’s financial hub in 2021, but its listing has been snagged by various issues. The most recent delay came in November, when the company said it would postpone the offering until the end of 2024 because of volatile markets. That float would have raised 65 billion yuan ($9 billion). It also said it would explore alternative options for expanding its shareholder base.\nNow, the Swiss company says it’s withdrawing the listing “after careful consideration of industry environment and the company’s own development strategy.”\nSyngenta was bought by China National Chemical Corp., or ChemChina, in 2017 for $43 billion, a record-breaking overseas acquisition for the country, and one that spoke to Beijing’s growing concerns around food security. Syngenta’s products, including genetically modified seeds, are important building blocks for improving the quality and quantity of China’s agricultural production.\nChemChina has since been absorbed into Sinochem Holdings Corp. \n(Updates to add company statement in second paragraph.)\nMost Read from Bloomberg Businessweek\n\nFTX’s Original Sin Is a Warning to All of Crypto\nHow Michael Rubin Ended Up Holding All the Cards\nThe Cautionary Tale of Wirecutter and the Internet’s Favorite Wok\nIn a Passive World, These Stockpickers Are Thriving\nBuilding Diversity When Affirmative Action Is Banned\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2423570024"}