Syngenta Pulls China IPO Application After Three-Year Wait
- Seed company to look at alternate sources of funding
- Syngenta aims to restart process when ‘conditions are right’
Growing beds for seed development at the Fields of Innovation crop site, operated by Syngenta AG, in Grootebroek, Netherlands.
Photographer: Yuriko Nakao/BloombergThis article is for subscribers only.
Syngenta Group withdrew its long-delayed application for a $9 billion initial public offering in Shanghai, another blow to China’s equity markets after Alibaba Group Holding Ltd. this week scrapped the listing of its logistics arm.
The Chinese-owned seed and pesticide giant “will look to restart the listing process, either in China or a different global exchange, when the conditions are right,” Syngenta said Friday in a statement on its website. “It will also explore alternate sources of funding.”