Syngenta Group’s planned $10 billion (CHF9.3 billion) initial public offering (IPO) in China has been temporarily suspended due to missing financial information from the agrichemical giant, the Shanghai Stock Exchange said on Monday.
State-owned ChemChina bought the Basel-based Swiss agriscience group Syngenta for $44 billion in 2017. ChemChina’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
The STAR market suspended 57 applications on September 30, citing a lack of updated financial information. Under bourse rules, applicants must provide additional information if financial materials in applications are outdated.
“The application review has been temporarily paused”,
ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources told Reuters.
Foreign investment control system
The takeover of Syngenta in 2017 and airline catering business Gategroup by Chinese companies in 2016 sparked a reaction by the Swiss authorities and new rules.
In the future the takeover of Swiss companies by foreign state-owned or state-linked funds is to be better regulated. The government has laid down the broad outlines of a foreign investment control system. Concerned about the international trend of company takeovers, parliamentarians adopted a motion in March 2020 to protect the Swiss economy.
Popular Stories
More
Banking & Fintech
Luxury heir claims his CHF11 billion Hermès fortune has vanished
Swiss investigate four people linked to Russian oligarch
This content was published on
The Office of the Attorney General of Switzerland is investigating four individuals linked to Russian oligarch Suleyman Kerimov.
Swiss government scrambles to deal with egg shortage
This content was published on
From September 1, more eggs intended for consumption may be imported into Switzerland. In allowing this, the government wants to secure the supply of eggs for consumers.
This content was published on
Agricultural research sees new development opportunities for Swiss sparkling wines in the face of declining wine consumption. In a survey, half of consumers expressed a willingness to pay more for local products than for foreign ones.
Locarno spotlights filmmakers from South America and Caribbean
This content was published on
The Open Doors section of the Locarno Film Festival has named the winners for 2024. The spotlight is on the South American and Caribbean regions.
This content was published on
Over 60% of Swiss voters have thrown out a pair of initiatives aiming to ban the use of synthetic pesticides in the country.
Swiss-based firms spend tens of millions lobbying Brussels
This content was published on
The chemicals industry invested the most money (up to €8.4 million) in presenting their arguments to top EU officials on proposed regulations, legislation and other matters. The Swiss-based Dow Europe spent up to €2.75 million while pharmaceutical company Novartis weighed in with upwards of €2.5 million and crop protection firm Syngenta spent some €1.75 million.…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.