Abstract: Syngenta, the Sinochem-controlled crop protection and seeds group, has reportedly filed confidentially for a Hong Kong listing of about USD5bn. Bookrunners include CICC, UBS, BOA, GS and CITIC. We review Syngenta's withdrawn Shanghai application and its financials, including losses, debt and goodwill. We also look at the industry cycle through its three A-share subsidiaries, and at corporate governance issues, including an anonymous complaint to HKEX.
ADAMA, WINALL HI-TECH SEED, JIANGSU YANGNONG CHEMICAL, ABC, PETROCHINA, CHINA SHENHUA ENERGY, SINOFERT
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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