SYNGENTA Group’s planned US$10 billion initial public offering (IPO) in China has been suspended because the Swiss agrochemicals giant has not updated its application with its latest financial results, the Shanghai Stock Exchange said yesterday. The Chinese-owned company’s application to list on the Shanghai exchange’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year. Syngenta did not respond to requests for comment yesterday. The STAR Market suspended 57 applications Sept. 30, citing a lack of updated financial information. Under bourse rules for vetting STAR Market listings, applicants must provide additional information if financial materials in applications are outdated. Financial reports contained in a company’s IPO prospectus are valid up to six months, according to China’s securities regulator. Syngenta’s application featured financial information up to March-end, meaning it was outdated after Sept. 30. Following the flotation, the producer of pesticides and seeds is likely to be valued at around US$60 billion including debt, or US$50 billion without, sources previously said. ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources have said. Syngenta will use the proceeds from its expected Shanghai initial public offering to fund internal growth and an acquisition spree to snare more of the US$100 billion market for seeds and sprays, the agrichemical giant said in its prospectus filed with the Shanghai exchange in July. “Syngenta Group will expand and renovate its production facility and implement strategic acquisition to meet growing market needs,” the company said in the document. The Switzerland-based seeds and crop protection giant was bought in 2017 for US$43 billion by ChemChina, which was folded into Sinochem Holdings Corp. this year. The acquisition remains China’s biggest takeover of a foreign company and is aimed at using Syngenta’s top-tier chemicals and patent-protected seeds to drastically improve domestic agricultural output. (SD-Agencies) | 