Shanghai exchange suspends Syngenta’s China IPO from freeamfva's blog
Syngenta Group’s planned $10 billion (CHF9.3 billion) initial public offering (IPO) in China has been temporarily suspended due to missing financial information from the agrichemical giant, the Shanghai Stock Exchange said on Monday.To get more shanghai stock market news, you can visit shine news official website.
State-owned ChemChina bought the Basel-based Swiss agriscience group Syngenta for $44 billion in 2017. ChemChina’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
The STAR market suspended 57 applications on September 30, citing a lack of updated financial information. Under bourse rules, applicants must provide additional information if financial materials in applications are outdated.
ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources told Reuters.
The takeover of Syngenta in 2017 and airline catering business Gategroup by Chinese companies in 2016 sparked a reaction by the Swiss authorities and new rules.
In the future the takeover of Swiss companies by foreign state-owned or state-linked funds is to be better regulated. The government has laid down the broad outlines of a foreign investment control system. Concerned about the international trend of company takeovers, parliamentarians adopted a motion in March 2020 to protect the Swiss economy.
On May 20, 2022, SmartSens was officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange (Stock Code: 688213). On the first day of trading, SmartSens shares surged by 79.82%, with a total market value of 22.66 billion yuan.SmartSens Technology (Shanghai) Co., Ltd. (Stock Code: 688213) is a high-performance CMOS image sensor (CIS) chip design company. It is headquartered in Shanghai and has research centers in many cities around the world.
SmartSens has been dedicated to pushing forward the frontier of imaging technology and growing in popularity among customers since it was established. SmartSens' CMOS image sensors provide advanced imaging solutions for a broad range of areas such as surveillance, machine vision, automotive and cellphone cameras.
SmartSens is committed to continuous innovation of products and fueling growth in numerous industries by delivering a more comprehensive portfolio of image sensors.China’s tech industry crackdown started in December 2020 and has continued since. Several high-profile companies, including Jack Ma’s e-commerce giant Alibaba, its financial services subsidiary, the Ant Group, and the ride-hailing company Didi, have faced investigations, fines or both.
Calhoun from Stevens Institute of Technology said China’s current clampdown has forced its tech companies into a corner.
“China is saying let’s create our own Nasdaq and let those companies come to this exchange, but what they don’t realize is that you really have to have a more liberal regime in terms of allowing companies to go public with a lighter regulation, with less red tape, less of a headwind to float their shares,” he said. “It's not about having another exchange.”
Norman Yin, a professor of finance at National Chengchi University in Taipei, told VOA in a phone interview that locating the new exchange in Beijing could be seen as reflecting Xi’s desire to grow China’s Nasdaq-like presence under the supervision of political authorities.
“If you take a look at the financial centers around the world, location is usually not a key consideration,” Yin said. “I would argue that China’s decision to set up a third stock exchange in Beijing is to allow President Xi Jinping to supervise the capital market closely by himself.”
State-owned ChemChina bought the Basel-based Swiss agriscience group Syngenta for $44 billion in 2017. ChemChina’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
The STAR market suspended 57 applications on September 30, citing a lack of updated financial information. Under bourse rules, applicants must provide additional information if financial materials in applications are outdated.
ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources told Reuters.
The takeover of Syngenta in 2017 and airline catering business Gategroup by Chinese companies in 2016 sparked a reaction by the Swiss authorities and new rules.
In the future the takeover of Swiss companies by foreign state-owned or state-linked funds is to be better regulated. The government has laid down the broad outlines of a foreign investment control system. Concerned about the international trend of company takeovers, parliamentarians adopted a motion in March 2020 to protect the Swiss economy.
On May 20, 2022, SmartSens was officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange (Stock Code: 688213). On the first day of trading, SmartSens shares surged by 79.82%, with a total market value of 22.66 billion yuan.SmartSens Technology (Shanghai) Co., Ltd. (Stock Code: 688213) is a high-performance CMOS image sensor (CIS) chip design company. It is headquartered in Shanghai and has research centers in many cities around the world.
SmartSens has been dedicated to pushing forward the frontier of imaging technology and growing in popularity among customers since it was established. SmartSens' CMOS image sensors provide advanced imaging solutions for a broad range of areas such as surveillance, machine vision, automotive and cellphone cameras.
SmartSens is committed to continuous innovation of products and fueling growth in numerous industries by delivering a more comprehensive portfolio of image sensors.China’s tech industry crackdown started in December 2020 and has continued since. Several high-profile companies, including Jack Ma’s e-commerce giant Alibaba, its financial services subsidiary, the Ant Group, and the ride-hailing company Didi, have faced investigations, fines or both.
Calhoun from Stevens Institute of Technology said China’s current clampdown has forced its tech companies into a corner.
“China is saying let’s create our own Nasdaq and let those companies come to this exchange, but what they don’t realize is that you really have to have a more liberal regime in terms of allowing companies to go public with a lighter regulation, with less red tape, less of a headwind to float their shares,” he said. “It's not about having another exchange.”
Norman Yin, a professor of finance at National Chengchi University in Taipei, told VOA in a phone interview that locating the new exchange in Beijing could be seen as reflecting Xi’s desire to grow China’s Nasdaq-like presence under the supervision of political authorities.
“If you take a look at the financial centers around the world, location is usually not a key consideration,” Yin said. “I would argue that China’s decision to set up a third stock exchange in Beijing is to allow President Xi Jinping to supervise the capital market closely by himself.”
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| By | freeamfva |
| Added | Jun 13 '22 |
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