(Bloomberg) -- Syngenta Group, the Swiss seed and agrichemical giant owned by ChemChina, is moving closer to its proposed $10 billion initial public offering in Shanghai, with its listing hearing expected soon.
The Shanghai stock exchange has scheduled a hearing for its listing on March 29, according to a notice Wednesday.
Syngenta filed its prospectus to list on Shanghai’s Nasdaq-style Star Board about 20 months ago. The IPO process has been slow. The delay could be due to poor equity-market conditions in 2022, Bloomberg Intelligence analysts said.
The company was acquired by ChemChina for $43 billion in 2017, clinching China’s biggest foreign takeover. It has incorporated other ChemChina agricultural units, including Adama Ltd. and the agriculture business of Sinochem Corp.
Syngenta’s products, such as genetically-modified seeds, will allow it to benefit from China’s aim to boost the quality and quantity of its agricultural production to ensure self-sufficiency in food.
Earlier Wednesday, the company said its China sales climbed 17% to $8.6 billion last year. This is due to higher contributions from its crop protection and seeds units, and digital operations that connect farmers to buyers across China.
Other details from Syngenta’s earnings statement:
- Syngenta Group China’s crop protection sales grew 17% over the full year, while sales of seeds climbed 22%
- Crop nutrition sales of the China unit were down 12% due to a new nitrogen distribution model. MAP and digital sales jumped 76%
- Overall Syngenta Group sales rose 19% to $33.4 billion, with all business units seeing double-digit growth
- The company said there was strong demand for products that promote yield increases and sustainable farming methods
- Group’s earnings before interest, taxes, depreciation and amortization increased 20% to an all-time high of $5.6 billion
--With assistance from Claudia Maedler, Foster Wong and Fion Li.
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