Just now, the IPO of the giant Syngenta has been terminated.
Regarding the termination of the IPO, on March 29, Syngenta Group issued a statement on the company's website, saying that Syngenta Group decided to withdraw its application for initial listing on the main board after careful consideration of its own development strategy and the global industry environment.
As a globally operating agricultural science and technology innovation enterprise, the company will always stick to its original intention, continuously improve its comprehensive strength and market competitiveness, and is committed to promoting the sustainable development of global agriculture with scientific and technological innovation and high-quality services, so as to create greater value for society, partners, employees and shareholders.
The company will continue to pay attention to China's capital market and is willing to contribute to its healthy development. At the same time, the company will continue to consolidate and enhance its leading edge in the global agricultural technology field by adopting diversified combination methods, and restart the listing process at an appropriate time in the future.
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Syngenta terminated its IPO application
After the close of trading on the afternoon of March 29, the official website of the Shanghai Stock Exchange showed that due to the withdrawal of the issuance and listing application of Syngenta Group Co., Ltd. and its sponsor, in accordance with the relevant provisions of Article 63 of the "Shanghai Stock Exchange Stock Issuance and Listing Review Rules", the Exchange terminated its issuance and listing review.
According to the official website, Syngenta's sponsors are CICC and BOC Securities.
The SSE said it accepted Syngenta's application documents for an initial public offering of shares and listing on the Main Board in accordance with the law on May 19, 2023, and reviewed them in accordance with regulations. Recently, Syngenta, its sponsors, CICC and BOCI, submitted their respective application documents to the firm for withdrawal of the application. In accordance with the relevant provisions of Article 63 of the Rules for the Examination and Approval of Stock Issuance and Listing of Shares of the Shanghai Stock Exchange, the Exchange has decided to terminate the review of your company's initial public offering and listing on the Main Board.
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Response: The listing process will be restarted at an appropriate time in the future
Regarding the termination of the IPO, on March 29, Syngenta Group issued a statement on the company's website, saying that Syngenta Group decided to withdraw its application for initial listing on the main board after careful consideration of its own development strategy and the global industry environment.
As a globally operating agricultural science and technology innovation enterprise, the company will always stick to its original intention, continuously improve its comprehensive strength and market competitiveness, and is committed to promoting the sustainable development of global agriculture with scientific and technological innovation and high-quality services, so as to create greater value for society, partners, employees and shareholders.
The company will continue to pay attention to China's capital market and is willing to contribute to its healthy development. At the same time, the company will continue to consolidate and enhance its leading edge in the global agricultural technology field by adopting diversified combination methods, and restart the listing process at an appropriate time in the future.
The largest A-share IPO in recent times
On June 16, 2023, Syngenta's listing application was approved by the Shanghai Stock Exchange, and it plans to issue no more than 2.786 billion new shares to raise 65 billion yuan.
According to Choice statistics, if it can raise enough funds to go public, Syngenta will become the largest A-share IPO since Agricultural Bank of China, and the fourth largest IPO in history.
Looking back on the history of A-share IPOs, Agricultural Bank of China, which landed on the A-share market in July 2010, raised 68.529 billion yuan in its initial offering, which is the largest IPO in the history of A-shares so far, and PetroChina and China Shenhua raised 66.8 billion yuan and 66.582 billion yuan respectively in the initial offering of PetroChina and China Shenhua in 2007, making it the second largest and third largest IPO in the history of A-shares.
In this IPO, Syngenta plans to raise 65 billion yuan, of which 13 billion yuan is planned to be invested in the expenses and reserves of cutting-edge agricultural technology research and development, 3.9 billion yuan for the expansion, upgrading and maintenance of production assets and other capital expenditures, 7.8 billion yuan for the expansion of modern agricultural technology service platform (MAP), 20.8 billion yuan for global mergers and acquisitions, and the remaining 19.5 billion yuan for long-term debt repayment.
In 2017, ChemChina spent US$43 billion to acquire Syngenta of Switzerland, setting a record for the amount of a single overseas acquisition by a Chinese company. In 2020, ChemChina and Sinochem's agrochemical sector began to reorganize, and a company called Sinoagri Technology installed the main assets of the agricultural sector of the "two industrializations", and then changed its name to Syngenta Group Co., Ltd., which is now known as Syngenta Group, and the former Swiss Syngenta became an integral part of the current Syngenta Group.
In 2021, Syngenta ranked No. 1 in the global crop protection industry, No. 3 in the seed industry, and a leader in China's modern agricultural services industry, ranking No. 1 in the global crop protection industry, No. 3 in the seed industry, and No. 1 in the crop nutrition industry.
In terms of performance, from 2020 to 2022, Syngenta's operating income was 158.779 billion yuan, 181.751 billion yuan, and 224.845 billion yuan, and its net profit was 4.539 billion yuan, 4.284 billion yuan, and 7.864 billion yuan, respectively.
Source丨China Fund News
Editor丨Nong Caijun
Contact Nong Caijun丨18565265490
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