Syngenta IPO Back on Hold Over Concerns About Its $9.4 Billion Target, Sources Say
The Shanghai Stock Exchange called off a meeting to review a 65 billion yuan ($9.4 billion) initial public offering proposed by ChemChina’s Syngenta Group one day before it was scheduled, adding uncertainty to the Swiss seed and fertilizer giant’s long stalled listing plan.
The exchange canceled a hearing set for Wednesday on Syngenta’s plan to sell shares on the bourse’s Nasdaq-style STAR Market, according to a Tuesday filing posted on the exchange. The exchange didn’t cite a reason, saying only that the decision was made as “situations meet the criteria laid out in the cancellation regulations.”
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