IPO News | Rumor has it that Syngenta restarts the Hong Kong stock listing process by submitting an application confidentially to raise US$5 billion

The Zhitong Finance App learned that according to people familiar with the matter, Syngenta Group (Syngenta), a pesticide and chemical giant under Sinochem, has confidentially submitted an initial public offering application to the Hong Kong Stock Exchange. It plans to raise about 5 billion US dollars (about HK$39 billion) and plans to go public next year. If it progresses smoothly, this will be one of the largest IPOs in the Hong Kong market in recent years.

Plans for this listing have been in the works for a long time. In April of this year, reports mentioned that Syngenta plans to submit a Hong Kong listing application confidentially as early as June. In May, another report quoted sources as saying that Syngenta plans to list on the Hong Kong Stock Exchange in September or October. If the confidential application is formally submitted, it means that the process has entered the substantive phase.

Headquartered in Switzerland, Syngenta is a leading global company in the field of seeds and pesticides. It was acquired by China Chemical Group for US$44 billion in 2017 and is now part of Sinochem Holdings. The company operates in more than 90 countries around the world and employs more than 50,000 people.