Shanghai bourse suspends Syngenta IPO citing missing financial info

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

FILE PHOTO: Syngenta Group China hangs out at its ‘Modern Agriculture Platform’ (MAP) service center during a media tour in Wei County, Hebei province, China June 11, 2021. The picture was taken on June 11, 2021. REUTERS/Tingshu Wang

The Chinese-owned company’s application to be listed on Shanghai’s Star Market was accepted in early July and was widely expected to be the world’s largest floatation this year.

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Syngenta did not respond to requests for comment.

Star Bazaar suspended 57 applications on 30 September, citing a lack of updated financial information.

Under the Exchange Rules for Scrutiny of Star Market listings, applicants must provide additional information if the financial material in the applications is out of date.

According to China’s securities regulator, the financial reports contained in the company’s IPO prospectus are valid for six months. Syngenta’s application contained financial information as of the end of March, meaning it became out of date after September 30.

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

After the flotation, the producer of pesticides and seeds is likely to be valued at about $60 billion, or $50 billion without debt, sources previously told Businesshala.

Sources said ChemChina is also considering a secondary listing for Syngenta, which could happen less than a year after its debut in Shanghai, with exchanges in Zurich, London and New York being scrutinized.

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

On Sunday it said it had done so because the validity of the financial information in its prospectus is likely to expire during the scrutiny of the application. It did not detail the reasons why the information may no longer be valid.

Reporting by Chen Aizu, Meg Shane, Samuel Shane, Dominic Patton and John Reville; Editing by Kim Coghill and Christopher Cushing

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