From Breakingviews - Syngenta IPO delay rekindles past China fears
The exchange’s rules vaguely mandate that any “major issue” affecting an IPO would justify the postponement. Chinese financial magazinesuggested on Tuesday regulators could be getting cold feet over Syngenta’s size, which at an expected 300 billion yuan, or about $45 billion, equity valuation would add nearly 10% to STAR's total market cap.
It’s unclear how long a drag this would cause, but Shenzhen VMAX New Energy had been on a similar boat: its IPO hearing was abruptly cancelled in January, only to be rescheduled two months later. Ant’s $37 billion Shanghai IPO was pulled in 2020 shortly before its shares were due to start trading. Investors recovering from past scares may be fearing the worst. That’s an unnecessary panic for the foreign money Beijing is trying to welcome to its home market.
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