Syngenta calls off $9bn Shanghai listing

Swiss company’s initial public offering would have been China’s largest in years. Swiss agricultural chemicals company Syngenta has called off a $9bn (CHF8.12 billion) Shanghai listing that would have been one of China’s largest initial public offerings in years, as the country’s stock markets struggle in the wake of a major rout. Syngenta said on Friday that it was withdrawing its application to list on the Shanghai Stock Exchange’s main board “after careful consideration of [the] industry environment and the company’s own development strategy”. It added that it would “continue to pay attention to China’s capital market and is willing to contribute to its healthy development”. Syngenta said it would look to restart the listing process, either in China or a different global exchange, when the conditions are right and that it would also explore alternate sources of funding. It had planned to sell as many as 2.79bn new shares, representing about 20 per cent of the company, with the ...