Syngenta aims for a new listing on the Main Board of the Shanghai Stock Exchange Nine kilometers of traffic jam on the Gotthard

The agrochemical and seed group Syngenta is changing its plan to go public in China. Although he sticks to the plan. But instead of being listed on the Shanghai Stock Exchange’s “Star Market” as planned, the shares will be listed on the main panel.

Syngenta Group has withdrawn its application for an initial public offering on the Star Market – China’s equivalent of the US Nasdaq – and will instead “immediately” apply for a public listing on the main board of the Shanghai Stock Exchange, the group said Thursday.

Syngenta fits better in the central management, the statement said. Because it is mainly intended for large companies with mature business models and stable revenues. And the listing on the main exchange gives access to a wider circle of investors.

The decision came after a registration-based share issuance system was launched in China in February, Syngenta said. This move will further improve the country’s capital market and clearly define the roles of the different stock market segments.

IPO later this year

For the rest, little has changed in the stock exchange plans, the AWP news agency learned from well-informed circles. The listing should take place this year and the listing of about 20 percent of the shares is planned. A later secondary listing on the Swiss stock exchange SIX is still under discussion.

Almost seven years ago, Basler Syngenta AG was taken over by the Chinese concern Chemchina. The group, which now operates as Syngenta Group, has announced several times in recent years that it intends to return to the stock exchange. However, the pandemic and market turbulence caused delays.

The Syngenta Group, based in Basel, comprises the business units Syngenta Crop Protection based in Switzerland, Syngenta Seeds based in the US, Adama based in Israel and Syngenta Group China. (aeg/sda/awp)