Equities

Reuters reveals ChemChina seeking funding from Chinese state-backed firms ahead of Syngenta IPO

Reuters reveals ChemChina seeking funding from Chinese state-backed firms ahead of Syngenta IPO

Reuters reported exclusively that China National Chemical Corp, or ChemChina, has approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganization of its agrichemicals business, including Swiss giant Syngenta, ahead of a public float. The fundraising efforts and eventual stock market listing are designed to cut ChemChina’s debts ahead of a long-awaited mega-merger with state-owned peer Sinochem. ChemChina wants to list Syngenta, the Swiss pesticide producer it bought for $45 billion in 2016, on China’s technology-focused STAR market in mid-2020.