Syngenta tweaks its stock market plan

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Syngenta Group said on Thursday it was withdrawing its IPO application on Star Market, the Chinese equivalent of the American Nasdaq, and will instead apply for an IPO “immediately” at the Shanghai Stock Exchange main board.

In the statement, it was stated that Syngenta is more suitable for the main board. Because it is primarily aimed at large companies with mature business models and stable earnings. And listing on the main exchange provides access to a wider investor base.

Syngenta said the decision was made following the launch of a nationwide registration-based stock issuance system in China in February. This step will further develop the country’s capital market and clearly define the roles of the various stock market segments.

Otherwise, little has changed in stock market plans, as the AWP news agency learned from knowledgeable circles. The listing is due this year and about 20 percent of the shares are planned to be quoted. A later secondary listing on Swiss exchange SIX is still under discussion.

Basler Syngenta AG was taken over by the Chinese group Chemchina about seven years ago. In recent years, the group, which now operates as the Syngenta Group, has announced several times its intention to return to the stock market. However, the pandemic and market turmoil caused delays.

It consists of Basel-based Syngenta Group, Switzerland-based Syngenta Crop Protection, USA-based Syngenta Seeds, Israel-based Adama and Syngenta Group China business units. (SDA)

Source :Blick