On 6 January, 2020, both China National Chemical Corporation Ltd. (ChemChina) and China Sinochem Group Co., Ltd. (Sinochem) announced that they would jointly form a new company named Syngenta Group Co., Ltd. (Syngenta Group) based on the existing ChemChina (Shanghai) Agricultural Science and Technology Co., Ltd. (ChemChina (Shanghai)) by transferring shares in five agrochemical subsidiaries of them to the new company.
Established in June 2019, ChemChina (Shanghai) is a wholly owned subsidiary of China National Agrochemical Co., Ltd. (CNAC), a member of ChemChina.
According to ChemChina, it will transfer shares it holds in Syngenta AG (Syngenta) and ADAMA Ltd. (ADAMA) to ChemChina (Shanghai).
Sinochem will transfer part of shares in its three listed subsidiaries including Sinochem Agriculture Holdings (Sinochem Agriculture), Sinofert Holdings Limited (Sinofert) and Jiangsu Yangnong Chemical Group Co., Ltd. (Yangnong Group) to ChemChina (Shanghai), according to announcements made by these subsidiaries.
The establishment of Syngenta Group, which is a sign of enhanced cooperation between ChemChina and Sinochem, is aimed at deepening reform of state-owned enterprises and optimizing resource allocation, according to both companies.
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