Syngenta withdraws China IPO application
Syngenta has withdrawn its application for an IPO on the Shanghai Stock Exchange due to unfavorable market conditions. The company had planned to raise $10 billion in the offering, but weak demand in key markets has impacted its earnings. Syngenta's sales fell 13% to $6.8 billion in the three months to September 2023, while earnings before interest, tax, depreciation, and amortization plunged 68% to $300 million.