After its IPO was shelved for a year, Syngenta is reportedly considering a Hong Kong listing as early as next year.

After its IPO was shelved for a year, Syngenta is reportedly considering a Hong Kong listing as early as next year.

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Syngenta Group, an agricultural technology company under China National Chemical Corporation, is considering an IPO in Hong Kong, more than a year after it withdrew its $9 billion listing plan in China.

On November 24, according to media reports citing sources, agricultural technology giant Syngenta Group is currently in early discussions with financial advisors and may list in Hong Kong as soon as next year.

The report notes that during its preparation for the Hong Kong IPO, Syngenta may adjust its asset structure, including disposing of some non-core and unprofitable assets, to optimize the quality of the listing entity.

Analysts point out that if Syngenta successfully lists in Hong Kong, it will become another major example in recent years of Chinese enterprises turning to the Hong Kong capital market.

Setback in Domestic IPO Plan

Syngenta is headquartered in Switzerland and was acquired by China National Chemical Corporation for $43 billion in 2017.

In 2021, the company submitted an IPO application to the Shanghai Stock Exchange, planning to raise $9 billion, which was expected to be one of the largest IPOs in China’s market.

However, in March 2024, Syngenta withdrew its A-share listing application, citing market volatility. The company stated at the time that it would look for a suitable opportunity to relaunch its listing plan in China or other regions.

This year, the Hong Kong IPO market has shown signs of recovery. According to Bloomberg Industry Research estimates, the total funds raised by Hong Kong IPOs in 2024 may exceed $40 billion, reaching a four-year high.

Analysts believe that the increase in market activity has provided a more favorable window for large enterprises to go public.

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