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Syngenta ‘s IPO update

After nearly two years of IPO on the Science and Technology Innovation Board, the world’s largest agricultural chemical company, Syngenta Group Co., Ltd., has updated its IPO plan and applied for the Shanghai Stock Exchange Main Board.
On May 18th, the official website of Syngenta Group announced an update to its listing plan: it decided to withdraw its application for listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange and submit a listing application to the main board of the Shanghai Stock Exchange.

On the same day, the relevant person in charge of the Shanghai Stock Exchange replied to reporters’ questions, saying, “We have received the application from Syngenta Group to withdraw its initial listing on the Science and Technology Innovation Board and have completed the relevant process in accordance with the rules. We are concerned about the information that the company has stated that it will apply for the Shanghai Stock Exchange Main Board
On June 30, 2021, Syngenta Group’s Science and Technology Innovation Board IPO was accepted, with a proposed fundraising of 65 billion yuan. It has undergone three rounds of inquiries and responses. From the statement of Syngenta Group, the main reason for its switch to the Shanghai Stock Exchange motherboard is that it believes that the motherboard positioning is more suitable for the company.
Syngenta Group stated in a statement that in February this year, a comprehensive stock issuance registration system was officially implemented, the multi-level capital market system was further improved, and the sector positioning was clearer. The motherboard is positioned to highlight the blue chip characteristics of the market, with a focus on supporting high-quality enterprises with mature business models, stable business performance, large scale, and industry representation.
As a global agricultural technology leader, Syngenta is more suitable for listing on the main board of the Shanghai Stock Exchange under a fully registered system, which will help to reach a more diverse range of investors and also benefit the company’s long-term value, “said Syngenta Group.
Since the comprehensive implementation of the registration system, the multi-level capital market system has been further improved, and the positioning of sectors has become clearer. The Shanghai Stock Exchange stated, “We fully respect the independent choices of enterprises in the listing sector and support the listing of large agricultural technology enterprises. After Syngenta Group submits its application for listing on the Shanghai Main Board, we will promote the smooth and orderly progress of relevant work based on the preliminary review work
According to data, Syngenta Group is one of the largest agricultural technology companies in the world, with over 57000 employees and operates in over 100 countries. Its business includes four major sectors: plant protection, seeds, Andorra, and Syngenta China. In 2022, Syngenta Group’s operating revenue was $33.4 billion, an increase of $5.2 billion compared to the previous year; The annual EBITDA increased by 20% to reach a record high of $5.6 billion.