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HONG KONG, March 28 (Reuters) – The Shanghai Stock Exchange has cancelled a hearing to review Swiss agrichemicals and seeds group Syngenta’s initial share offering (IPO) plan, a filing posted on the exchange showed.
Syngenta, which planned to raise 65 billion yuan ($9.44 billion) in its Shanghai flotation, was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021.
The Shanghai exchange, which planned to conduct the hearing on Wednesday, did not provide a reason for the cancellation. Companies planning IPOs on the exchange need to appear before a panel for a hearing as a requirement for proceeding with their listing.
Syngenta’s Chinese parent planned to keep a majority stake after the IPO, which was set to be one of the world’s biggest this year and expected to value Syngenta at around $50 billion.
($1 = 6.8821 Chinese yuan renminbi)
(Reporting by Meg Shen and Twinnie Siu; editing by Jason Neely and Jane Merriman)
((meg.shen@thomsonreuters.com; 852-39525805;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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