(Reuters) -Chinese authorities nudged Swiss agrichemicals and seeds group Syngenta to withdraw its application for a long-delayed $9 billion IPO in Shanghai on concerns about the impact a sizeable new offering would have on a volatile market, four people said.
The Chinese state-owned pesticide giant last Friday withdrew its bid for the initial public offering (IPO) saying the decision was taken “after careful consideration of (the) industry environment and the company’s own development strategy”.
Syngenta filed to list on the main board of the Shanghai Stock Exchange last May seeking to raise 65 billion yuan ($8.98 billion) and passed a review by the bourse’s listing committee a month later. Its executives said as recently as last November that Syngenta planned to list in 2024.
The company, however, did not secure a green light from China’s securities regulator or top leaders at the State Council, a prerequisite for blockbuster…
