Swiss agrichemicals and seeds group Syngenta withdrew its bid for a multi-billion dollar listing on the Shanghai Stock Exchange after repeated delays.

In a surprising move, Syngenta, the Swiss agrichemicals and seeds giant, has decided to withdraw its multi-billion dollar IPO application on the Shanghai Stock Exchange. The proposed listing, valued at up to $60 billion, faced repeated delays since its inception in 2021 due to unfavorable market conditions in China. "After careful consideration of industry environment and the company's own development strategy, Syngenta Group has decided to withdraw its application for IPO on the main board of the Shanghai Stock Exchange," the company said.

Syngenta spokesperson Saswato Das opted not to provide further explanations regarding the company's decision. Syngenta stated its intention to resume the listing process in China or consider other exchanges when market conditions are favorable, alongside exploring alternative funding options. Analysts have previously mentioned Hong Kong, Zurich, and London as potential alternative listing venues for Syngenta. The recent downturn in China's IPO market, once the world's largest in 2022 and 2023, coincides with increased scrutiny by the securities watchdog, led by new chairman Wu Qing, who has pledged to intensify examination of listing candidates and tighten oversight to address any irregularities.