Credit Suisse takeover likely to be completed by June 12 (China Daily)
2023-06-08
Syngenta’s $9.4 Billion IPO Picks Up Steam in Shanghai (Caixin)
2023-06-03
The long-awaited $9.4 billion initial public offering of Syngenta Group is showing signs of accelerating after the Swiss-based seed giant shifted its Shanghai Stock Exchange listing target to the main board from the Nasdaq-like STAR Market. According to a recent update on its listing application status, the unit of Chinese state-owned giant ChemChina responded to the bourse regulator’s inquiries and provided updated information about its share sale. The progress took place within two weeks since the Shanghai exchange accepted Syngenta’s main board listing application. ChemChina acquired Syngenta in 2017 for $43 billion in China’s biggest foreign takeover. Syngenta absorbed other ChemChina agricultural units, including Adama Ltd. and the agriculture business of Sinochem Corp. The IPO would be the world’s biggest share sale this year. The exchange demanded that the company explain how it qualifies for a listing on the main board, which is mostly for large-cap and blue-chip companies, according to Syngenta. The company elaborated on its global business model and corporate governance while addressing regulators’ concerns about market competition of its various businesses, it said. Syngenta also updated its application with first-quarter financial results. Net profit declined 26% during the period to 3.9 billion yuan ($549 million), mainly reflecting financial costs driven up by borrowings. Syngenta applied for a 65 billion yuan IPO on the STAR Market in July 2021, but the progress was stop-and-go. In March, the Shanghai Stock Exchange canceled a meeting to review the offering one day before it was scheduled. The abrupt suspension most likely reflected concerns over the size of the share sale, Caixin learned. In May, Syngenta shifted its proposed offering to the main board of the Shanghai exchange. The company plans to sell as many as 2.78 billion shares, keeping its previous fundraising target unchanged. ^ top ^ |
