Syngenta’s planned IPO in China suspended for missing financial info

Photo by Bruce Röttgers on Unsplash

Syngenta Group’s planned $10 billion initial public offering (IPO) in China has been suspended because the agrochemicals giant has not updated its application with its latest financial results, the Shanghai Stock Exchange said on Monday.

The Chinese-owned company’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest fChina lotation this year.

Syngenta did not respond to requests for comment.

The STAR market suspended 57 applications on Sept. 30, citing a lack of updated financial information.

Under bourse rules for vetting STAR Market listings, applicants must provide additional information if financial materials in applications are outdated.

Financial reports contained in a company’s IPO prospectus are valid up to six months, according to China’s securities regulator. Syngenta’s application featured financial information up to March-end, meaning it was outdated after Sept. 30.

The Switzerland-based seeds and crop protection giant was bought in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp this year.

Following the flotation, the producer of pesticides and seeds is likely to be valued at around $60 billion including debt, or $50 billion without, sources previously told Reuters.

ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources have said.

Lenovo Group Ltd, the world’s biggest personal computer maker, withdrew its application last week for a 10 billion yuan ($1.55 billion) share listing on STAR, days after it had been accepted.

On Sunday it said it had done so because of the possibility of the validity of financial information in its prospectus lapsing during the application’s vetting. It did not detail reasons why the information may no longer be valid.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.