Syngenta Group's IPO review was approved successfully

On 16 June, 2023, the Shanghai Stock Exchange reviewed and approved the IPOapplication of Syngenta Group Co., Ltd. (Syngenta Group). The company’s IPO hasalso become the largest IPO of China’s A-shares in the past 13 years, the fourth-largestIPO in the history of A-shares only behind Agricultural Bank of China, PetroChinaCompany Limited and China Shenhua Energy Company Limited.

Syngenta’s main business covers research and development, production andsales of plant protection, seeds, and crop nutrition products, as well asmodern agricultural services. The company stated that as a global leadingagricultural technology company, it is more suitable to be listed on the Main Boardof the Shanghai Stock Exchange under the comprehensive registration system. Atthe same time, it will help reach more investors and also benefit the company’slong-term value.

As early as July 2021, the Shanghai Stock Exchange formally acceptedSyngenta’s application for listing on the STAR Board. After several rounds ofinquiries and a long wait, in March 2023, the listing meeting of Syngenta onthe STAR Board was temporarily canceled. On 18 May, the company issued astatement on its official website, stating that it had withdrawn itsapplication for listing on the STAR Board, and at the same time submitted alisting application to the Main Board of the Shanghai Stock Exchange.

Regarding Syngenta’s abandonment of the STAR Board and its application forlisting on the Main Board of the Shanghai Stock Exchange, the Shanghai StockExchange stated that “We fully respect companies’ independent choice of listingboards and support the listing of large agricultural technology companies. AfterSyngenta Group submitted its application for listing on the Main Board of theShanghai Stock Exchange, we will promote the smooth and orderly progress ofrelevant work based on the previous review work.”

Statistics show that China National Agrochemical Co., Ltd. is thecontrolling shareholder of Syngenta Group, with a shareholding ratio of 99.1%.In essence, the State-owned Assets Supervision and Administration Commission ofthe State Council is the actual controller of Syngenta Group.