-- Syngenta Group is planning to withdraw its application for a stock-market listing in Shanghai, according to people familiar with the matter.Dubai Is Losing Its Allure for Wealthy Russians
The company first filed for an IPO in China’s financial hub in 2021, but its listing has been snagged by various issues. The most recent delay came in November, when the company said it would postpone its IPO until the end of 2024 because of volatile markets. That float would have raised 65 billion yuan . It also said it would explore alternative options for expanding its shareholder base.
The Swiss company was bought by China National Chemical Corp., or ChemChina, in 2017 for $43 billion, a record-breaking overseas acquisition for the country, and one that spoke to Beijing’s growing concerns around food security. Syngenta’s products, including genetically modified seeds, are important building blocks for improving the quality and quantity of China’s agricultural production.
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