Syngenta’s $10-bn China IPO halted for earnings

Syngenta Group’s plan for an initial public offering has hit a roadblock after the Shanghai Stock Exchange suspended the company’s application pending an update to information about its earnings. The bourse, which posted a notice on its website about the halt on Sept. 30, didn’t say when the Switzerland-based seed and fertilizer business can resume its application to list on the Nasdaq-style Star Board. Syngenta has now furnished the Shanghai exchange with the requested earnings documentation and an update on the IPO timeline is set to be given this week, a person familiar with the transaction said. China National Chemical Corp.owned Syngenta said in July it’s targeting proceeds of 65 billion yuan ($10 billion) in a listing that could be the world’s largest this year. The company plans to sell as many as 2.79 billion new shares, equivalent to a 20 per cent stake. A spokesman for Syngenta declined to comment.