SYNGENTA Group, the Swiss seed and agrichemical giant owned by ChemChina, is moving closer to its proposed US$10 billion initial public offering in Shanghai, with its listing hearing expected soon.

The Shanghai Stock Exchange has scheduled a hearing for its listing March 29, according to a notice Wednesday.

Syngenta filed its prospectus to list on Shanghai’s Nasdaq-style STAR Market about 20 months ago. The initial public offering 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 US$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 US$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.          (SD-Agencies)