The Shanghai Stock Exchange has cancelled a hearing to review Swiss agrichemicals and seeds group Syngenta‘s initial share offering (IPO) plan, a filing posted on the exchange showed.
Syngenta, which planned to raise 65 billion yuan ($9.44 billion) in its Shanghai flotation, was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021.
The company declined to comment on the development on Tuesday.
The Shanghai exchange, which planned to conduct the hearing on Wednesday, did not provide a reason for the cancellation. Companies planning IPOs on the exchange need to appear before a panel for a hearing as a requirement for proceeding with their listing.
Syngenta‘s Chinese parent planned to keep a majority stake after the IPO, which was set to be one of the world’s biggest this year and expected to value Syngenta at around $50 billion.
Reuters