Jun 03, 2023 03:54 AM

BUSINESS

Syngenta’s $9.4 Billion IPO Picks Up Steam in Shanghai

By Guo Jiying and Han Wei

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Syngenta’s first quarter et profit declined 26% to 3.9 billion yuan ($549 million), mainly reflecting financial costs driven up by borrowings

Syngenta’s first quarter et profit declined 26% to 3.9 billion yuan ($549 million), mainly reflecting financial costs driven up by borrowings

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.

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