According to foreign media citing informed sources, Syngenta Group, a major agricultural technology giant under China National Chemical Corporation, has begun selecting underwriters for a potential listing in Hong Kong, which is expected to be one of the largest IPOs in the city's history.
Informed sources indicated that CICC and UBS are assisting the company in preparing for the stock issuance. Other banks, including Bank of America and Goldman Sachs, may also be involved.
Some banks have proposed an IPO fundraising scale between USD 4 billion and USD 5 billion. One source mentioned that the company might consider raising up to USD 10 billion depending on market conditions and demand. Although the IPO could take place as early as this year, informed sources stated that it may also take longer. One source noted that Syngenta might consider a dual listing in Zurich, but no final decision has been made yet.
Informed sources emphasized that the planning is still ongoing, and details, including the scale, may change. They added that Syngenta Group may also increase the number of other underwriters.
Reports cited informed sources revealing that after withdrawing its plan for a listing in mainland China last November, Syngenta Group had preliminary discussions with banks regarding an IPO in 2026.
Syngenta Group operates in over 90 countries worldwide and employs more than 30,000 people. It submitted an IPO application to the Shanghai Stock Exchange in 2021 but withdrew the application in March 2024 due to market volatility. The company, headquartered in Switzerland and acquired by China National Chemical Corporation in 2017, stated at that time that it would seek to restart the listing process in China or elsewhere when conditions are favorable