21 May 2023, Switzerland: Syngenta Group has withdrawn its STAR Market IPO application and will immediately apply for a public listing on the main board at the Shanghai Stock Exchange.
The decision was made after China fully rolled out its registration-based share issuance scheme across the country in February – a move that will further improve China’s capital market and clearly define the roles of different boards. Now that the main board of the Shanghai Stock Exchange is meant mainly to support large-scale companies with mature business models and stable earnings performance (blue chips which are good representatives of their respective industries), we believe Syngenta Group, as a leading global agricultural technology company, fits better on the main board of Shanghai Stock Exchange, under its latest registration-based IPO scheme. This main board listing will enable Syngenta Group to access more diversified investors and will be conducive for the company’s long-term value.
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