BEIJING, March 29 (Reuters) - Swiss agrichemicals and seeds group Syngenta has withdrawn its application to list on the Shanghai Stock Exchange, a filing posted on the exchange showed on Friday.
The IPO, which would have valued the Sinochem-owned company at about $60 billion, has been postponed repeatedly since being proposed in 2021 due to unfavourable market conditions.
The Shanghai Exchange filing stated that the bourse had terminated its review of Syngenta's IPO application after the company applied to withdraw it.
Syngenta could not immediately be reached for comment.
Company executives had said as recently as November last year that the company planned to list in 2024, with the offering expected to raise $10 billion.
Weak demand in key markets such as Brazil has seen the company's earnings slide. Sales in the three months to the end of September 2023 fell 13% to $6.8 billion, while earnings before interest, tax, depreciation and amortisation plunged 68% to $300 million.
(Reporting by Andrew Hayley and Beijing newsroom; editing by Christian Schmollinger, Kirsten Donovan)
